Finance

5 innovative mobile payment apps

India is slowly moving online. With the increase in e-commerce companies and apps, transacting from a mobile phone is not a unique phenomenon. It is in fact convenient to use a payment app to ensure all bill payments are done in time.

It is not just making payments for purchases or bills, but even money transfers and banking has become mobile. There’s no need to even enable net banking because payment apps take care of payments between people. It is very easy to make payment using a mobile application.

There are several different types of apps in the Indian mobile ecosystem.

5 innovative mobile payment apps are:

1. BHIM-UPI:
UPI stands for Unified Payment Interface. This means that it is no longer necessary to use a bank account number and IFSC code to make payments. By simply creating a UPI ID, payments can be made between two parties. It is one of the most revolutionary mobile payment apps in India. The UPI app has a very user-friendly interface. The UPI payment app can be used to pay a wide variety of bills as well.

2. PayZapp:
HDFC Bank launched this innovative mobile payment app. One need not be an HDFC customer to use PayZapp. It is possible to link credit and debit cards from any bank to PayZapp and make payments from it. It is possible to use this app to shop online, book movie tickets, buy groceries, use travel portals and pay any types of bills.

3. Google Tez:
This is Google’s app for UPI. It is one of the most widely used mobile payment apps in India with a very minimalist interface. It makes transferring money very convenient between two parties. Using a UPI ID, Tez transfers money between two parties. It is also integrating bill payments in the system.

4. PayTM:
PayTM was one of the first wallet companies to start in India. It gives users many options such as online shopping, booking air tickets, movie tickets, and paying bills etc. PayTM made it simple to transfer money from one mobile number to the other, either directly or via QR code. It is possible to use PayTM to make payment directly to a bank account.

5. Vodafone m-pesa:
This mobile payment app supports cash withdrawals by the user. It is a very dynamic app that can be used to send money to people. The money sent via the app can be withdrawn or received at one of the many m-pesa agents across the country. The app is very simple to use and is configured for laymen. It can also be used for typical wallet functions such as payment of bills, recharge, online shopping etc.

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