It is not easy to figure out the best apps for money transfer in India, as the country’s financial inclusion initiatives are making waves. Gone are those days when a person needed to stand in long queues to send and receive money. Technology has helped us for the better and is helping to make lives more accessible in every aspect. The good news is that the Indian population has adopted the use of apps for money transfers with both hands. And it is also expected that the entire economy will shift to cashless in the future. While we talk about cashless transactions, one thing that naturally pops up is the technology needed to go cashless.
Although, it has been a long since people have been using internet banking in India. Yet you must know the varied options available in this arena. Mobile wallets, digital or E-wallets, have made all the transactions so easy that it is just a matter of a minute now. The key reason for the popularity of this new mode of payment is that it has benefited people to make transactions online and offline without using cash.
Cashless Transactions and Related Aspects
You can access a plethora of money transfer apps in the google app store and enjoy its perks of sending and receiving money. Although, people choose the popular one and don’t explore different options. So, explore the world of E-wallets and the best applications for money transfers in India.
Everything About E-wallets
Mobile wallets, Digital wallets, or E-wallets is a service or technology that helps you to process cashless transactions effortlessly. It also links your mobile number with e-wallets.
These digital wallets are one of the most important parts of your online transactions. Let’s take an example of Paytm which is a money transfer app. The Paytm wallet helps the functioning of transactions smoothly. Since the introduction of cashless transactions, there has been an incredible increase in digital wallet users. All in all, it is helping the Indian economy go cashless.
The digital wallet has varied eye-catching features, some of which are mentioned below:
Getting Cashbacks: Depending on the bank you are making transactions from; you will be liable to avail of various Cashback offers. Additionally, the money transfer apps also provide various vouchers and coupons from different brands to increase the number of users.
Secured Payments: the money transfer apps in India ensure that your hard-earned money is safe by using secured payment gateways. Besides this, you will also get the benefits of technical support and help resolve your concerns.
Best Apps for Money Transfer in India
Let us now explore all the best apps for money transfer in India.
Paytm – One of the Earliest Apps for Money Transfer in India
Paytm is one such app that is available on the mobile phone of almost every individual these days. The complete form of Paytm is ‘pay through mobile’. It is a digital platform that allows people to transfer their money into their wallets using various options. You can move the money with the help of debit cards, online banking, credit cards, or depositing cash through selected banks and partners. Paytm also allows people to pay for goods online without including cash.
Since India is a diverse nation, so for making this app popular and convenient to use, Paytm’s mobile interface has 10 Indian languages. This mobile app can find options in Gujarati, Tamil, Hindi, Telugu, Tamil, Bengali, Marathi, Punjabi, Kannada, and Oriya.
Listing Paytm’s name first in the list has a reason. This app tries to update itself constantly by introducing new features and creating its superiority over other mobile apps.
Likewise, Paytm has announced a new feature to help people make payments without needing a smartphone or internet connection. Although, an individual still requires a smartphone to generate their Paytm accounts. And then linking it to their phone number and certainly for loading funds into the wallet. All one needs to do is call 1800 1800 1234 from the registered mobile number to get the PIN. Further, you can easily make the payments by dialling 1800 1800 1234, and after that, they have to type the recipient’s phone number, followed by the amount to be paid, and finally, the PIN for verification and voila! you have your transaction completed.
Using this app, you can make payments for electricity, post-paid mobile phones, gas bills, landline/broadband, water bills, etc. Besides this, people can also buy goods on Paytm’s e-commerce platform. The daily transactions or booking tickets for hotel rooms, movies, and flights are also possible here, coupled with offline payments.
Further, know all about Paytm and learn how to use it by reading – What is Paytm And How to Use It
The PhonePe app has been handy in terms of all the transactions in our everyday life. It gives it a precise and secure service for making UPI payments, recharging mobile phones or DTH, online bill payments, and whatnot. The app was launched in 2015 by Sammer Nigam, and since then, it has crossed over 100 million downloads. Although Flipkart has taken over this app but making payments will not be interrupted.
Moreover, PhonePe is one of India’s best and fastest fund transfer apps, coupled with a user-friendly interface. Additionally, you can transfer or receive up to 1 lakh INR per transaction. Also, you can manage multiple bank accounts and beneficiaries and check the account balances. Checking the refund and cashback status is also available here.
To ensure your secure transactions, PhonePe also provides an exclusive feature in the assurance of data security against cyber-criminals. Since India is using this app a lot, it offers various languages. Phonepe operates in Hindi, English, Marathi, Tamil, Bengali, and various other languages. Hence, users from different parts of the country can enjoy the perks of this app.
BHIM – Best Apps for Money Transfer by the GOI
BHIM or Bharat Interface for Money app is consistently playing a significant role in making our economy cashless. This app was launched by The National Payments Corporation of India and is backed by The Reserve Bank of India. After the demonetization, BHIM is solely based on the UPI. Using it, you can quickly transfer and receive money directly to the bank accounts using smartphones. You need to know that BHIM does not hold your money. Instead, it instantly moves it into the bank account.
In Addition to conveniently making transactions, you can also use this app for creating mobile recharges, DTH recharges, bill payments, and many more. Moreover, there is also the option of transferring funds by scanning a QR code that the users create. All they need to do is install the app and make transactions.
Furthermore, the QR codes and UPI pins are generated through the BHIM. Apart from giving all the perks needed for online transactions, one drawback of BHIM would be that it is available for Android users but not iOS.
Google Pay is one of the best apps for money transfer. Previously Google Pay was known as Tez, and obviously, people did not know about it much. Since Google took it over, there has been a tremendous upsurge in the usage of this app. Also, this application has entered the world of cashless transactions, and the prominence it created is indeed worth mentioning.
Google Pay effortlessly works with your existing bank account and assures that your money is safe and sound. Additionally, you do not need to keep reloading the wallets and doing the additional KYC updates like the other money transfer apps.
Google Pay has over 25 million active users in a month, and if we look at India, the total number of downloads exceeds 100 million. You can easily find this app in the play store and iOS.
The popularity of this app amongst the users is a definitive answer to the hassle-free services that this app provides the users. Various features make this app popular like you can send and receive money instantly in your bank account using Google Pay UPI id. Moreover, you can recharge your phones and make bill payments effortlessly. One major perk is that it provides cashback and vouchers on the transactions made through the app.
On top of that, you can easily do online shopping by using this app.
PayPal is not only the oldest app for money transfer, but it also has its extended usage in various Asian countries. Besides this, you have the option to make payments in India as well as abroad. The only step you need to follow for using this app is, linking your bank account to PayPal’s account and becoming a registered user. After that, you can enjoy all the benefits of this app.
One intriguing aspect of PayPal is that it allows you to quickly transfer money from its digital wallet to your bank account. In Addition, it does not charge any fee, unlike other apps. Furthermore, all the transactions you make through PayPal are entirely safe and secure.
As we talk about transactions, this app helps you make all types of transactions. You can fund transfers, shop, buy a flight/railway ticket, and access yourself with various other features.
ICICI Pockets- Best Apps for Money Transfer by ICICI
ICICI is widely recognized and one of the top-rated banks in India. Similarly, the prominence of this app is equal to the popularity of the app. The requirement to use this app is just having a smartphone. It really does not matter if you are an ICICI customer or not for availing of digital wallet services. Hence, digital payments are still possible if you have an account in another bank.
Using the virtual VISA card enables the users to make any transaction anywhere and everywhere. It is undoubtedly the best app for money transfers as it allows you to send or receive money, split expenses with friends, recharge, book entertainment tickets, send gifts, and do much more.
The popularity of this app is vast, as it has over 5 million downloads. Besides this, the app is available on the Play Store.
Amazon Pay has prominence for its services and secure payments. The app was launched in the year 2017 in India and has provided all the benefits that would make online payments easier since then. Over 35 million users use Amazon Pay digital wallets to process monetary transactions.
You can use the Amazon pay app for doing all types of transactions. Regardless of your various requirements, this app is proficient in giving you everything you need. You can perform multiple tasks like transferring or receiving money, making bill payments, booking tickets, avail of entertainment packages like watching movies and more. Everything is possible here. Amazon Pay also offers various other benefits, such as cashback and discounts.
If you purchase something on the Amazon app, Amazon Pay makes it easy for you to make the payments seamlessly. Furthermore, Amazon Pay provides an option to pay on external merchant websites as well. The app is available for all users, namely Android and Apple.
HDFC PayZapp is an app that could probably come under the category of ‘best apps for money transfer in India’. This app’s launch is to ease their customers’ monetary transactions. It enables or helps in financial transactions and allows you to check your account balance and various other aspects. Things you will be able to manage your using this app are in abundance. Some of those are managing your beneficiaries, setting your transfer limit, paying bills/recharges, booking hotel rooms, flight tickets, and more.
Moreover, Payzapp users also get huge discounts at SmartBuy, which is an e-commerce platform that has a range of physical and digital products.
In addition, HDFC PayZapp is supported in Apple and Android operating systems.
Yono (By SBI)
This is yet another great app for money transfer in India, Yono By SBI is multilingual and available in 13 languages. One of the best parts of the app is that it is not restricted to SBI customers and can be used by non-SBI customers as well. Moreover, through this app, you will have the option to carry out fund transfers very smoothly by using your digital wallet option.
Besides this, the Yono app is used for transferring money, paying bills, recharges, booking a movie ticket, online shopping, booking flight tickets and more.
Transferring money and carrying out monetary transactions are not the only features of this app. This app further allows its users to set payment reminders for due dates and view mini statements for the transaction. On top of this, both Android and Apple users can download this app.
Jio Money- Best App for Money Transfer for Jio Customers
Jio Money App is not only for recharging your prepaid or post-paid mobile phones but also offers other benefits of using cash. This is basically a money transfer app allowing users to transfer their funds in the Jio wallet. You can also share the money from your Jio wallet with other Jio customers’ wallets and bank accounts.
Moreover, you can also avail yourself of great offers, coupons, and deals from the transactions that you make through this app. Additionally, you can carry out recharging, make bill payments, shop online, etc.
To avail of the perks of this app, you can easily download Jio money through the Android Play Store and App Store.
Suppose you wish to carry out transactions and avail of the benefits of the digital transactions without adding the beneficiary details. In that case, the Airtel Money App is what you need to download. Furthermore, this app requires you to create a Virtual Payment Address (VPA) and MPIN to complete the transactions. Once the VPA is created, you need to register your VPA with the designated bank account using the My Airtel App. Further, you need to personalize it with your name and mobile number.
In addition to the easy transactions, the app instantly lets you transfer funds within two bank accounts. You can easily download this app through the Andriod play store as well as the App Store.
Western Union is one of the best apps for money transfer in India. Majorly, Western Union is expanded to 210 countries. It is not just a multilingual app but also supports Indian Rupees, USD, and various other currencies of different countries.
You can quickly transfer and receive money through a digital wallet. Also, the funds transferred from your digital wallet to your bank account are straightforward and reasonable as they charge you a significantly lower fee than other transferring payment apps. You can also check the price you will be charged while transferring the money back into your bank account from Western Union’s digital wallet.
Besides this, Western Union is easily accessible by the Apple and Android operating systems. This has been getting a vast increase in users since it came to India. The prominent feature of this app is its support for various currencies.
Mobikwik – One of The Best Apps for Money Transfer in India
Mobikwik is another digital wallet app for making monetary transactions in India. The app is a Gurgaon-based company which helps users to store their money and facilitates. Moreover, the entire payment system is done by connecting more than 25 million users and offline avenues.
Furthermore, Mobikwik offers its users to earn considerable cashback and great discount offers on making bill payments, recharges, booking tickets, etc. To be precise, this app is an overall package to manage your daily transactions at best.
In addition, if you are using Mobikwik, you can opt for a doorstep cash collection option and shop/pay bills through their digital wallets in India.
IOS, Windows, and Android users can efficiently operate this amazing money transfer app.
PayUMoney is one of India’s accessible payment gateways that provides an opportunity for its users to avail themselves of digital wallet services. This app comes under the best apps for money transfer in India. The reason for the same is that more than 4.5 lakh businessmen are using PayUMoney to carry out their monetary transactions.
Moreover, the PayUMoney app uses state-of-the-art technology, which has also been awarded as one of the best payment gateway solutions. The PayU money gives the buyers protection and ensures safe transactions. You can conduct your daily transactions easily and get free from the hustle of carrying cash.
Additionally, it also offers reward points that you make through its digital wallet. There are both Android and iOS versions of the app.
With the increasing dominance of cashless transactions, having a full-fledged idea of the best apps for money transfer in India is crucial. We have clubbed all the A-rated apps that you need to know. Now you can easily carry out your monetary transactions by choosing the app that fits your needs. Why go to banks when banks are on your phones?
One intriguing aspect of all the apps included in this list is that the apps are certified and undoubtedly safe. Hence, enjoy the perks of digital wallets and make transactions the easiest. Explore, download and check the variety that comes in your wallet.