10 Best Online Payment Apps in India 2023

Online payment apps are mobile-based applications that allow users to make or receive payments digitally without using paper currency. These digital apps facilitate UPI- (Unified Payment Interface) based superquick payments, which involves sending or receiving money or scanning a quick response (QR) code to pay an individual or a merchant. In this blog, we have listed out 10 best payment apps in India in 2023 based on various parameters including, safety, user-friendly interface, ratings and more!

Did You Know: PhonePe has the largest market share in the UPI ecosystem – 47.8% followed by Google Pay (33.6%) and Paytm (13.2%).  

10 Best Online Payment Apps in India 2023

Here is the list of best online payment apps 2023:

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Top 10 Online Payment Apps in India 2023 – Detailed Overview

The following are the details of the best online payment apps in India:

1. BHIM (Bharat Interface for Money)

Launched by and managed under the NPCI (National Payments Corporation of India), BHIM is a UPI(United Payments Interface) app just like Google Pay, PhonePe etc. A worthwhile thing to note here is that BHIM is managed by the same entity which launched the UPI technology. Even after being backed by the NPCI, BHIM is not the market leader in the UPI arena. But it works fine enough, plus it has been specially designed to suit the needs of Indian demography. It is one of the best online transaction apps in India.

2. Paytm

One of the most successful online payment applications in the Indian fintech industry. Paytm offers perhaps the widest range of options one could pay for; from mobile recharge to municipal tax, from electricity bills to school fees and much more. After demonetisation, Paytm became an everyday thing for almost every Indian, especially among fast food stalls and vendors. But since UPI, the payments space has been a little competitive with players like PhonePe, Google Pay etc. Paytm offers both B2B and B2C payment services.

3. Amazon Pay

Amazon Pay is a payment service offered by Amazon that allows users to pay for purchases on websites and mobile applications using the payment and shipping information stored in their Amazon account. This service provides a convenient and secure way for users to make purchases without the need to re-enter their payment information for every transaction. With Amazon Pay, users can make payments on third-party websites that offer the Amazon Pay option at checkout. 

4. BharatPe

The fintech company which disrupted the B2B UPI payments market. BharatPe offers ‘Offline’ payment solutions for businesses like your local juice shop, pharmacy store etc. Its offerings include UPI QR Code, and PoS machines(the card swipe machine). BharatPe charges 0% commission on payments routed through their products, allowing small businesses to have all the revenue they make. This in turn encourages businesses to accept cashless payments, as they’re usually hesitant about card payments due to charges linked to them.

5. Cred

One of the latest, yet disruptive financial products in the Indian fintech industry. Cred is a credit card bill payment platform, where one could pay the bills for one or more credit cards at one single point. One of the biggest features of this application is that apart from providing credit card bill payment service, Cred also informs the users about hidden charges associated with credit cards and their bills. This enables the user to be better informed about the charges associated with the card they are using. Furthermore, Cred allows individuals to avail rewards through cashbacks on every Cred credit card bill payment.

Cred calls itself a club, hence everyone is not allowed in their fraternity. To sign up on this platform, one compulsorily needs to have a credit score of 750 or above.

6. Samsung Pay

Samsung Pay allows you to add your debit or credit card to it, after which you can use Samsung Pay to pay from your credit/debit card at online or offline channels, erasing the need to physically carry your cards with you. This application becomes quite handy for those people who have a lot of cards.

7. Airtel Thanks

This is one of the most fascinating and lesser-known products of the Indian fintech space. It is not an application, but a feature. *99# could also be called BHIM USSD. This means that by calling this number from their phone, anyone could make UPI payments without any need for the internet. This UPI feature was specially introduced for feature phone users. But it could prove to be helpful for smartphone users as well, in places with bad network coverage.

*Note: Using this feature costs ₹0.5 per transaction.

The telecom operator Airtel provides the Airtel Thanks app where people can access their bill details, perform recharges and send money, all in one app. Integrated with its other services, the app offers the Airtel Wallet that customers can use for shopping and recharges. In addition, customers can open a digital account with Airtel Payments Bank and earn 6% interest on their savings. The app also offers access to UPI services for easy payments.

8. Google Pay

Google Pay is one of the best payment apps in India considering that it has the highest installation count. It is eminent considering the number of facilities and the user-friendly interface provided by the app. 

The app allows you to directly execute transactions from your primary bank account without having to maintain a separate wallet. Furthermore, you can pay your utility bills, recharge your mobile phone, and easily transfer money to anyone including service providers, merchants or third parties.

In addition, Google Pay also rewards you with coupons and cashback with almost every transaction.

9. PhonePe

PhonePe efficiently allows you to send and receive money, pay bills, and recharge phones. However, it does not end here, it also allows you to invest in gold and mutual funds. PhonePe was introduced with the motive of providing a one-stop solution to all transactions and application facilities. Therefore, you can avail your favourite applications to book flights, order food, and buy groceries without having to download a separate application.

10. Freecharge

Freecharge powered by Axis Bank is one of the most widely used online transaction apps. It allows users to execute transactions including DTH bill payments, metro card recharge and investment in digital gold. Apart from the factors mentioned above, you can also invest in mutual funds, and avail Freecharge credit cards to earn rewards and vouchers.

How Does an Online Payment App Work?

1. To access an online payment app, you need to connect your bank account or debit card to the payment app by entering the details. 
2. Once you get your bank account connected to the app, you will receive a UPI ID, which acts as an address for your account associated with the payment app. Similarly, you will need a recipient with a valid bank account connected to the payment application.
3. You can either transfer funds directly to the UPI ID specified by the recipient or scan the QR code to access their UPI address to transfer funds, and vice-versa.
4. To transfer funds you will need to enter a One-Time Password (OTP) that you will receive on your registered mobile number, as proof of account ownership. The payment app verifies the OTP and initiates the transaction thereafter.

Most transactions embed UPI ID to respective mobile numbers, enabling transactions just by entering the mobile number. Moreover, you can withdraw funds from your bank and store them in an e-wallet to facilitate faster transactions, eliminating the bank verification process.

Benefits of Using Online Payment Apps

1. Contactless

Online payment apps are convenient for users who do not wish to deal with the hassles of cash or cards. Paying through a digital wallet is often safer and faster than swiping a credit card. One just has to tap on the app and proceed with the payment. It requires little to no human interaction. 

2. Fast and Efficient

Digital payments are much faster than paying in cash or cards. It takes little time to pay at retail stores or on online shopping websites using these apps. E-payments ensure super fast transactions that are not constrained by one’s time or location. 

3. Secure Payments

Online payment apps use data encryption or protected code systems to secure the personal information of their users. Most apps offer an added security layer by requiring users to enter a fingerprint, code or PIN to approve every transaction.

4. Recurring Payments Option

One can easily access an online payment app whenever he/she requires it. Most of them offer recurring payment options to users who wish to pay their monthly bills through the apps. The payments are tracked and automated every month, which makes it easier for one to manage their finances.   

5. Transparent

E-payment apps offer a transparent mode of payment. They store the details of every transaction, so one does not need to worry about payment records. All payments are done via secure payment gateways, which do not incur hidden charges. 

Limitations of Online Payment Apps

1. Cybertheft

 There is a range of strict security measures implemented by most online apps. However, cybercriminals have, time after time, manipulated users to give away their financial data. Many scammers use online phishing links to gain access to one’s e-wallet and engage in fraudulent transactions. 

2. Technical Glitches

 Every online service has its own share of technical problems. The payment servers may face some downtime due to bugs, maintenance or global network issues. Payments done during downtime may get stuck in the payment gateways, which can cause long delays in transactions. 

3. Dependent on the Internet

 As the name suggests, e-payment apps require a stable internet connection to facilitate transactions. It might be difficult to make digital payments in remote areas that do not have access to a data network. Users who rely on payment apps require 24X7 data or WiFi connectivity. 

Things to Consider Before Choosing a Payment App

1. Security

 It is advisable to understand the security measures offered by an online payment app before using it. Most apps require you to link your digital wallet to your bank account, which means you have to let it access your financial information. Apps that make too many access requests that are otherwise unnecessary for digital payments should be avoided. Additionally, you should also choose apps that offer multi-factor authentication for payments. 

2. Easy User Interface (UI)

Online payment apps should be easy to use and understand. One should assess whether he/she can easily figure out the interface of the app and if it facilitates smooth and fast transactions. A confusing UI can contribute to payment errors. 

3. Customer Support

 Payment apps should offer excellent customer service to their users. Users can face delayed or stuck payments due to technical glitches or network errors. Hence, one should choose e-payment apps that offer fast and efficient resolutions to such problems.  

4. Perks and Rewards

To make digital payments more attractive to their users, e-payment apps offer multiple perks for specific transactions. These perks can include discount coupons, free mobile recharges, cashback, etc. It is advisable to choose a payment app that offers rewards that can be easily redeemed. 

Final Word

Most Indian consumers use more than one payment app for convenience. For example, if you’re using Google Pay to make payments but the app is down and the amount is not getting through, you can switch to PhonePe. But before we go, which app according to you is the best online payment app in India in 2023? Let us know in the comments section!

Alternatively, you can explore online loan apps in case you’re in need of instant cash. Navi Cash Loan offers instant cash loans up to ₹20 lakh in a 100% paperless manner. The entire loan process is extremely simple and hassle-free. Just download the app, apply and get the money directly credited to your account in minutes.

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