Top 5 Apps to transfer money
Demonetization worked more than Digital India Initiative to encourage people to promote digital transactions of money. At the time of demonetization when the old notes were nothing but a piece of paper got people to use payment apps to buy groceries because vendors were not accepting old notes. It was a rise of Paytm, Mobikwick, PhonePe, BHIM etc. Let us take look at 5 apps which come really handy to transfer money in a bank account, wallet transaction, vendor payments, bill payments and UPI.
Paytm is on top for a reason. It is widely accepted and has a broad range of services. It is the most popular app in India in the wallet transaction section. It has Paytm mall which is a platform to shop things similar to other e-commerce companies. The user interface is a little confusing as it also provides banking services.
PhonePe is on second only because it has still not made found popularity in rural areas while Paytm has. It has the best user interface in the business and fund transfer is quick and easy. Effective Grievance Redressal is the USP which comes handy if any transaction goes wrong.
BHIM (Bharat Interface for Money) is probably the best UPI transaction app which sends money to another bank account in no time. People of rural areas use BHIM to transfer money as it is most secure and the user interface is very friendly. Checking balance is a work of seconds in this app.
Formerly known as Tez, this app is one of the most secure as it is associated with one of the World’s biggest brand Google. It gives you the feature of chatting before you send the money. Google pay also gives an attractive reward for every new payment.
Mobikwick is one of the pioneers of payment apps in India. It may have lost the user base to PhonePe and Paytm but it is still one of the most effective apps for payments. Expense manager which keeps track of all the cashless transactions, auto recharge facility keeps it in the top five.
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