With the recent Coronavirus outbreak, even the mere job of going to an ATM to withdraw cash has caused paranoia in many individuals. In such a case where cash may not be readily available, digital payment platforms have taken the front seat in enabling any payments to be made by an individual on a daily basis.
Here are 5 major apps that help in making payments digitally and make life easy:
1. PayTM
PayTM, the most common and popular apps among the current millennial generation in India offers you the option to transfer money into a digital wallet and use it to make payments. It was launched in 2010 and followed a semi-closed model, which takes advantage of the enormous mobile and smartphone market.
Any user can use the app to make payments in stores that have tie-ups with the company. Other uses of PayTM include making bill payments, transferring cash, and avail the services of travel and entertainment websites. Currently, it is also utilized to make cashless fee payments in educational institutes.
2. Xpay.Life
Blockchain-based platform XPay.Life offers an array of digital payment services, including touch screen ATP kiosk, web, mobile app, POS device and others. The platform caters to both B2B as well as B2C segment. The company providing the highest level of transparency during transactions. It has partnered with leading banks to further expand its reach. XPay.Life has completed 1 Lakh transactions worth INR 5 Cr, since its beta version launch in 2019. The company offers services across 18+ cities in India with 50K plus pin code locations. In the last ten months, it also claims to have achieved 100% month-on-month growth. People can pay for their Electricity, Mobile prepaid & postpaid services, DTH, Broadband, LPG, Loan EMI, etc. through the Xpay Life App and web version. The platform has 253 billers across Tier 1 & 2 towns and wide reach to 50000+ pin codes in Tier 3 and Tier 4 cities across India.
3. Google Pay
Currently, you can see Google Pay is a payment option in almost all brick and mortar as well as online stores. It can be used to quickly send money to friends, pay bills, buy anything online, order food, recharge your phone, or shop at stores. It links your existing bank account to the app and does not require you to load wallets or verify KYC since it is directly connected to your bank.
4. PhonePe
Yet another digital wallet app, PhonePe can be used to conduct UPI payments, do recharges, and ensure secure money transfers as well as online bill payments. Since it comes with a very easy-to-use user interface, it is one of the most common apps in India.
5. Mobikwik
MobiKwik is a widely used digital wallet app in online retail stores. You can add money using your debit, credit card, and net banking account into the mobile wallet and then utilize this money to recharge or pay bills and shop at online sites. Several grocery stores, as well as food establishments, use MobikWik, especially for its feature called expense tracker, which offers the unique option of monitoring spends and maintaining a budget.