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7 Best UPI Apps in India 2020

IndianMoney.com Research Team | Posted On Tuesday, January 21,2020, 05:20 PM

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7 Best UPI Apps in India 2020

 

 

With the introduction of UPI apps, the way we transact has undergone a massive change. With this, a cashless way of making payments was realised and within no time it became an important part of our daily lives. Let’s find out how UPI operates and which the best UPI apps in India:

What is UPI?

UPI or unified payments interface is a revolutionary payment solution that has simplified the way we transact or make payments in India. It is a real-time payment system that facilities interbank transactions throughout the country. These applications merge various features like banking facilities, seamless fund routing and merchants payments under a single roof. You can just download the UPI payments app on android phones and start using it after successfully completing your KYC authentication.

See Also: What is Digital Money?

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UPI was founded in December 2016 and is developed by the NCPI. The interface is regulated by the country’s apex bank RBI and thus several banks have merged with UPI to provide and simplify banking operation to customers. The primary motive behind the introduction of UPI was devising a way for instant cashless payments and consequently reducing cash payments. Presently UPI is the most preferred mode of digital payments in India. Not only it has eased transactions but also enhanced the banking experience of the users.

How UPI Works?

UPI payments in India work by the following methods:

  • QR Code: users can scan the QR code of retailers, shopkeepers, and wholesalers and make easy payments of the due amount with a simple click. However, you have to enter your PIN and MPIN to complete the transaction. As per the latest version of UPI, you will not have to enter the passcode, instead, you can use signed QR and intent.
  • VPA ID: this is the second method through which you can make UPI payments. Here you have to share your VPI ID, mention the entity’s name and initiate the payment. You will receive a notification, post which you have to confirm the payment by providing your MPIN in the UPI app. This method is used for online shopping and e-commerce sites.
  • Mobile Number: you can also transfer money to a mobile number and successfully pay bills. Here you have to share the MMID and make payments on the go.
  • Aadhaar Number: UPI payments can be successfully done by sharing the Aadhaar number linked bank account. In this method, you have to complete the payment through biometric authentication.
  • Sharing account number and IFSC code: the most commonly used method of money transfer in India. Here you have to share your bank account number and IFSC code to receive money through UPI.
  • Contactless payment: This facility is offered by few UPIs only. This is a futuristic method of money transfer where an ultra-high frequency sound wave communicates between the two UPI enables devices. Matching the wavelength of the two devices can authenticate the money transfer.

See Also: Everything You Should Know About The UPI?

7 Best UPI Apps in India:

Google pay:

Google pay is a popular payments app in India as it offers a host of user-friendly features. The app uses a patented technology to track unauthorized transactions and is among the most secure transaction apps in the country. Google provides scratch cards for almost every transaction and thus you can get rewards on every transaction. However, it is only a UPI payments app and is not an e-wallet.

Phone Pe:

The Phone Pe app is a Bangalore based payments app that was launched in 2016. The UPI app is now acquired by Flipkart and is backed by Yes Bank. The app provides some attractive features like payment of credit card bills, purchase gold and transfer money up to Rs. 1 Lakh using the Phone Pe wallet. It is one of the most popular payment apps in India that offers excellent cashback and rewards programs.

Paytm:

PayTm is among the leading e-wallet apps in India which have merged with the UPI platform for facilitating easy transactions and convenient transfer of funds. Here you can add funds to your e-wallet and can initiate payments via PayTm. Using PayTm you can access e-commerce stores and PayTm mall as well as initiate credit card payments.

See Also: How UPI Can Make India A Cashless Economy?

Freecharge Payment App:

Freecharge is one of the highest-rated UPI apps in India. Freecharge comes with in-house discounts, cashback and offers. The app can be accessed from Google Playstore and can be used after KYC authentication.

PayZapp:

This is a UPI payments app cum digital wallet offered by HDFC Bank. PayZapp has merged with e-commerce and retail and lifestyle stores across the country. Thus you can get attractive cashback and discount offers completing transactions using PayZapp.

Pockets by ICICI Bank:

This is a UPI payments app cum digital wallet offered by ICICI Bank. This is one of the most futuristic UPI apps that come with the virtual digital wallet with the option to convert into a savings account. The app is user-friendly and integrates amazing features virtual visa debit card, digital bank account, Tonetag for making contactless payments etc. You can also get numerous deals and offers with various merchants and e-commerce websites.

Mobikwik:

This is a Gurgaon based e-wallet and UPI payments app cum digital wallet offered by ICICI Bank. This app already offers various services like fund transfer with debit/credit card, cash pickup, net banking, and cash deposit. Mobikwik also offers users the convenience of carrying out various utility services like mobile recharge, access digital loans, purchase insurance products and invest in direct mutual fund schemes.

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