Online payment has made life simpler. You don’t need to go to an ATM or a bank to get cash. With just a few taps, you can pay securely. However, with so many payment apps, it can become difficult to choose the best app that is user-friendly, safe and provides multiple layers of security to keep sensitive information locked. In this article, we have listed the 7 best online payment apps in India of 2022, their features and benefits and things to keep in mind before using an online payment app. Read on!
As the name suggests, online payment apps are mobile applications that allow users to make digital payments to merchants/businesses. Users have to create their profile on the payment app, which is then linked to their savings/current bank accounts. These store the user’s card or bank information, which the user can access (after providing a One Time Password) to make an instant payment.
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.
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 many Indians. 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.
Led by the payment giant PayU group, Lazypay is a BNPL(Buy Now Pay Later) service provider. If you ever find the option of Lazypay while checking out on an e-commerce site, this would mean that Lazypay could pay your bill on your behalf for now, and you could pay back Lazypay after some time later. Using credit provider apps could feel very lucrative, but remember to ensure due diligence at your end. Never spend more than you could pay back, and ensure timely payments towards your BNPL bill.
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.
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.
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.
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.
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.
Here are the key benefits that users can avail when using online payment apps:
Here are some of the limitations of online payments apps for users to know about:
Here are a few points that users should keep in mind before creating their profile on an e-payment app:
The 7 best online payment apps are popular, easy to use, secure and help make instant payments. Always choose a payment app that suits your needs and see if it is user-friendly.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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