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Top 5 Official E-Wallets used in India

E-wallets are key integral of digital India initiative by the government which has led to a humongous shift from via cash to cashless route. 

What are E-wallets?

Growing technology brings about many changes and such one change has been to the payment ways people use. E-wallets are basically online / mobile based wallet which is used for transactions made online through a computer or a smartphone.


Why prefer E-wallets over real cash money?

  1. No problem of losing cash, getting fake currency or risk of corruption and theft.
  2. E-Wallets offers impressive incentives, cashbacks and discount offers for using them.
  3. Digital payments are much more efficient, requires less resources and are convenient to the consumer.
  4. Each Transactions are on record and can be easily reviewed.
  5. Digitizing payments also drives economic growth and individual financial empowerment.
  6. E-wallets are efficiently integrated with bank and hence direct control over your money.

So here are those 5 most used E-wallets apps/sites in India


Paytm is an Indian e-commerce payment system and financial technology company, based out of Noida. From big financial institution to local vendors to even individual transfer, it has a huge reach. You can either use QR codes or bar codes, along with a One-Time Password to pay money. Flashy sales and lucrative offers are just an ordinary sight at paytm It also promises to deliver good level of security with 128-bit encryption technology for all transactions.

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Disadvantages :

  • High risk of Identity theft.
  • Little to no hope of recovering money back in case of a fraud.
  • You can’t add money using UPI Services.
  • Getting KYC done is often very annoying

2.Amazon Pay

Amazon Pay is an online payments processing service that is owned by Amazon and yes it’s E-wallet service reached Indian market too. With Amazon Pay, one can eliminate the hassle of multiple accounts and waiting for OTPs and other complexities have just been removed. There are sometimes good Cash Back offers associated with the use of Amazon Pay plus Amazon Pay gives the cash back credit almost immediately.

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Disadvantages :

  • There are varying limit to what you can spend through it.
  • Customer care executives help are not upto remark.
  • Debit transaction are limited.


Bharat Interface for Money (BHIM) which is developed by National payment corporation of India is the often said to be safest UPI app as it is the app which is developed by the developers of UPI.It enables you make simple, easy and quick transactions using Unified Payments Interface. You can make direct bank payments to anyone on UPI using their UPI ID or scanning their QR with the BHIM app. You can also request money through the app from a UPI ID.

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Disadvantages :

  • There is Delay in payments sometimes.
  • It gets’s stuck on slow internet connection.
  • third-party payment gateways charge service fees.


PhonePe is a another E-wallet platform using which you can use to transfer money using UPI, recharge phone numbers, pay utility bills.It is a Flipkart-owned payments platform with YES BANK as banking partner. It also works on unified Payment Interface (UPI) system and all you need is to feed in your bank account details and create a UPI ID. There is very clear linking of bank account with PhonePe and your money is always in your bank, not locked in a wallet.

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Disadvantages :

  • Outage in services after its banking partner YES Bank’s moratorium notice by RBI.
  • Once the wallet is deactivated it cannot be re-activated again
  • Complex processes for refund like Cancellation of Tickets

5.Google Pay

Google has come up with a new payment app called Google Pay for Android users. It was already in Indian market under the name of TEZ app and is finally now converted back to google pay App. As it is under Google supervision it’s transactions are secure as Google keeps all payment information on secure servers. It’s main impressive feature is that it you can send or receive money with zero fees, straight from your bank account to almost anyone.

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Disadvantages :

  • Small retailers don’t accept this payment method.
  • Limited only to NFC technology and not MTS terminals.
  • It doesn’t work with some credit cards.

So here were some of the most used E-wallets payment services used in India, in case anything got missed or want to suggest something different comment down below.

Also read : 5 security apps for android

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Written by Vishal Entente

Those who cannot acknowledge themselves , will eventually fail - Itachi uchiha

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