Source- Inc 42
In this fast-paced 21st century, there isn’t a single household that doesn’t own a smartphone. You’re on the beneficiary side if you own a smartphone. There is so much more to smartphones but there is one thing that we all will find familiar - An UPI App.
UPI payments have taken a substantial march ahead. As UPI gets hold of the Indian market, the technology is now set to make ripples across the world too. Following its appreciation as the ‘Country of the Year' at Europe’s largest start-up conference, Vivatech, India progresses further by announcing the launch of India’s UPI interface system in different countries around the globe. It is currently in talks with 30 countries and has already signed Memorandums of Understanding (MoUs) with three countries.
However, not all apps listed on the play store are equally good for making UPI payments. Many times, the interface of some of these UPI apps may be hard to understand. Therefore, in this post, we have handpicked some of the best UPI apps in India that are the easiest to use and worth checking out.
PhonePe
PhonePe is undoubtedly among the five best UPI apps available in India. Introduced in December 2015, the app provides numerous cash-back offers and has almost 294 million registered users. PhonePe not only helps in making UPI payments but also allows its users to pay for online bill payments, recharge, order food, shop, etc. all in just one app.
Some of the stand-out features of the app:
- Users can transfer money directly to their bank accounts.
- Users can pay bills like electricity bills, gas bills, water bills, etc., all in one app.
- Users can choose to pay using a debit or credit card.
Source- Business Today
Google Pay
Google Pay, formerly called the Tez App, is the most used UPI app in India. As of November 2020, Google Pay has 960.02 million transactions in volume with Rs 1,61,418.19 Cr in transaction value. Using Google Pay, users can send money to friends, pay their bills, shop online, recharge, etc. through secure payment by Google.
Some of the reasons behind its massive popularity are:
- Available in different regional languages including Hindi, Bengali, Tamil, Kannada, Marathi, Gujarati, etc.
- Users can avail of the benefit of ‘scratch cards’ every time they make a payment using the app.
- For extra security, users can also choose to lock their apps screen.
Source- XDA developers
Paytm
Founded in the year 2010 by Vijay Shekhar Sharma, Paytm is another well-known mobile payment app in India. Apart from the Paytm UPI, it also provides features such as the Paytm Wallet and Paytm Mall. Paytm users can perform almost each and every activity related to online payments on its app. And that’s why it is certainly one of the most used payment apps. Some other features that make it stand out are:
- Users can easily book tickets for trains, flights or movies.
- Ensures utmost security
- Users can enjoy a variety of products and services provided by the app.
Source- The Economic Times
BHIM App
Launched and managed by the NPCI (National Payments Corporation of India), BHIM is a UPI-enabled app that facilitates safe, easy and instant digital payments through mobile phones. As of November 2020, BHIM App had around 0.31 million transactions in volume with Rs 13.87 Cr in transaction value. Along with security, it has the following features:
- Recharge internet plans
- Faster and easier bill payments
- Booking movie, flight and train tickets
Source- GizArena
Bottom Line
Today, UPI Apps have become an essential part of our lives. The prime reason behind the global adoption of UPI can be understood as its hassle-free functioning. The magnitude and speed with which UPI operates are baffling.
There are currently 143 Indian banks (active) on the platform. It reached 1 billion transactions in October 2019 and has over 100 million active users on its platform. Nowhere else in the world has such a facility existed, nor has such a large number of transactions ever occurred. Due to these factors, many countries have started deploying India’s UPI payment for operating retail and settlement payments.
Overall, the concept of UPI payments has made the backbone of the Indian Economy even stronger. Even the smaller shops, like the Kirana stores in localities, have started going cashless, and have adopted the hassle-free system of UPI.
Written By- Paridhi Aggarwal
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