Check out the top 5 Mobile Wallet services in India 2017

Prime Minister Modi, in a bold move, recently banned all 1000 Rs and 500 Rs notes as a part of a crackdown on black money and counterfeit notes. 

As of November 9, notes of both denominations are no longer being accepted as legal tender, causing a lot of inconvenience and worry for the common man. 

Scrambling to gather any 100Rs notes you can find? Fret Not, as there is a simple solution for the same. Mobile Wallets. These days, largely due to a push by PayTM and MobiKwik, mobile wallets are becoming mainstream and being accepted in a wide variety of places including your local departmental store. 

Here are the 5 best mobile wallet services in India right now. Make an account now!

PayTM

The largest and arguably the most successful, PayTm has been making a big push to make mobile wallet services mainstream in India.

Armed with a massive advertisement campaign, deals with a lot of major as well as minor vendors and the highest reach, PayTm is arguably the best mobile wallet service available in India right now. It has agreements with big names like Uber, Zomato FoodPanda and so on.

Additionally, PayTm also offers a plethora of enticing offers and deals through vendors like Zomato, Swiggy and even some e commerce websites to entice people to switch to digital money.

PayTm has expanded far beyond just being a mobile wallet though, and now offers the ability to book movies, charge your mobile/DTH, buy stuff online and much more. This allows users to use the money in their PayTm wallet for internal PayTm services as well.

PayTm is also the only wallet that supports bookings on IRCTC and has a license from RBI to set up a payments bank, enabling it to offer current and savings account deposits, issuing debit cards and offering Internet banking services.

MobiKwik

Like Freecharge, MobiKwik also lets you pay those pesky bills and recharge all of your mobiles but it as an ace up it’s sleeve that it is also accepted by some prominent merchants such as eBay, MakeMyTrip, Domino’s Pizza, BookMyShow and many others. Café Coffee Day is also one of the partners through which MobiKwik has tied up to provide lucrative cashback offers. The service provides cashback offers with both online and offline partners, which is a good start in the long overdue process of ditching cash transactions.

MobiKwik also offers a digital wallet service which can be topped up by the usual methods including credit cards, debit cards and net-banking but what makes it stand apart is that the MobiKwik app can also be used to request and send money between your friends and family by providing just an email id or phone number. And there is no extra cost for this service!

MobiKwik has also tied up with a service called Ezetap which has installed point of sale machines in over 70,000 shops which work exactly like credit card machines, just instead of paying with a slab of plastic, you will pay with your MobiKwik wallet.

MobiKwik also provides an ultra-convenient option of doorstep cash collection in Delhi, Mumbai and Jaipur. This is a good step for people who are still hesitant to use credit cards over the big scary internet or don’t have a bank account. The only caveat is that there is a ceiling of Rs. 10,000 on deposits into the wallet per month. But this service makes MobiKwik the only platform providing an offline wallet management service.

Freecharge

Freecharge was launched as a platform to help you recharge your prepaid mobile phones and then forayed into payments of electricity bills, data cards and dongles, re-charging of DTH connections and now also, Delhi metro cards.

In April of 2015, Freecharge was acquired by Snapdeal and soon after started providing an option of a digital wallet that can be used for transactions across Freecharge and all platforms of Snapdeal. This wallet can be recharged using credit and debit cards as well as through net banking. You can also check the balance of your wallet and top up using an app or from Feecharge’s website.

Freecharge claims to have a 5 million user base for it’s wallet services as of September 2015. Thus, if you regularly do your shopping from Snapdeal or use any of it’s side ventures such as FindMyStyle or ShopO, using Freecharge is a good option for you. Even if you prefer Amazon or Flipkart over Snapdeal, Freecharge is a quick and convenient option to take care of your numerous bills and devices you need to top up and recharge,

Airtel Money/Vodafone M-Pesa

Airtel money is another wallet service by Airtel that can be used for doing recharges, make bill payments, pay for that compulsive online shopping and also to transfer money to your contacts, shops and to other bank accounts. The one problem with this service is that it does not allow the user to withdraw or redeem cash directly as it is a semi-closed wallet and also the user experience is rather iffy. But on the flipside, it can be used to book train tickets also.

Vodafone and ICICI bank launched M-Pesa, a mobile money transfer and payment service in November 2012. It offers users a closed wallet which can be used to make cash deposits, send money to another bank account or another M-Pesa customer, recharge your mobiles, DTH connections and also pay utility and mobile bills. You can also pay your Vodafone post-paid mobile bills using this service. The maximum account balance allowed for Mobile wallet users is Rs. 10,000.

Oxigen Wallet

Like every other digital wallet mentioned previously, Oxigen Wallet also lets users recharge their mobiles, data cards and DTH services but it also allows you to make mobile payments for your landline, mobile and electricity bills. Like Airtel Money, users can use Oxigen to send and receive money with another Oxigen wallet or with a bank account. The Oxigen app also gives users opportunity to earn reward points every time they use their wallet and enables them to shop from various partner websites. The Oxigen wallet allows a maximum single money transfer of transactions of Rs. 5,000 a day and Rs. 10,000 a month and the maximum deposit ceiling is set at Rs. 10,000.

Oxigen wallet has claimed to be India’s first non-bank wallet that has tied up with NPCI (National Payments Corporation of India) for facilitating instant money transfers. And it is approved by the RBI!

The app also allows users to earn reward points for using their services and enables them to shop at partner websites. Oxigen Wallet is approved by RBI, and claims to be India's first non-bank wallet to have tied up with NPCI (National Payments Corporation of India) for instant money transfer. It's ideal use case is money transfers. According to the company, the Oxigen wallet can have a maximum balance of Rs. 10,000, with a single money transfer of transaction of Rs. 5,000 a day, and Rs. 10,000 a month.

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