In this era where everything is going digital from shopping to services, the mode of the payment went digital too when e-wallet applications were introduced to the common people.
The E- wallet app development companies have seen substantial growth in recent years. They decreased cash payments, increased speed and security at the same time. An increase in custom mobile app development services has also lead to an increase in the number of companies opting to digital transactions and payment processings.
Some of the most successful e-wallet applications are :
1. PayTM :
PayTM is the biggest and the most successful e-wallet company in India founded in the year 2010 available in eleven languages and is the most widely used for bill payments, flight, and train ticket bookings, recharges, shopping and much more. The company also uses advertisements and paid promotions for generating revenues. Its total revenue is 814 cr INR which is approximate to US $120 million. Blockchain development technology has introduced digital wallets to store and to transfer money and also to use in various local shops, shopping sites, etc. More than 7 million of the total people in India use this application for day to day payments.
2. Amazon Pay
Amazon Pay is an online e-wallet company launched in 2007 which is basically a subsidiary part of Amazon.com and totally owned by Amazon which gives the users the option to pay and win exciting cashback offers and gifts. Now Amazon Pay is used widely used by users for payment during shopping through Amazon, ordering food, booking flights and hotels, mobile recharges, etc. It is accessible to all people in most countries of the world. Amazon Pay uses the blockchain app development and consumer crowd of Amazon for its business. Only people who have an Amazon account can make use of this digital wallet.
3. Google Pay (Tez)
Google Pay, formerly known as Tez, is a digital wallet application created by Google in the year 2018 by unifying Android pay and Google Wallet for online cashless payments directly from the bank account, shopping at one tap and other utility services like recharge and bill payments. It contributed to making the cashless mode of payment more popular and successful than it was in the past years.
PhonePe, formerly known as FX Mart Pvt. Ltd. is a digital platform for transactions of each and every way from the bank account as well as its own digital wallet where money can be stored. It is widely used in local shops, TV recharges, mobile phone recharges and much more. Phonepe was founded in the year 2015 and started running on the web landscape in the year 2016. It is owned by Flipkart.
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Mobikwik is an Indian company founded in the year 2009 in the month of April by One MobiKwik Systems Private Ltd whose headquarters are located in Gurgaon, India. Since then it has been used by people for online bill payments and creating and using digital wallets. It has a gateway partnership with Uber and thus widely used by people all over India. It is also used for money transfer is a smooth manner.
6. Yono by SBI
YONO is abbreviated as You Only Need One which is a combined digital platform for all kinds of cashless transactions created by SBI (State Bank of India) in the year 2017 by Arun Jaitley, the then finance minister of India. It is one integrated place for shopping, money transfer, recharges, bookings and checking bank account details. It aims to be a single spot for all the needs of the users. YONO offers services from more than 60 companies and this smartphone app can also be used to transact money from the ATM. It is available for both Android and iOS.
7. Jio Money
Jio Money is a mobile application that gives all the benefits of cash without any limitations and also helps in doing cashless transactions. It comes with its own wallet, the Jio Money wallet where one can add money and perform transactions like recharges, TV DTH payments, and more. Jio Money is working to become a self-sufficient e-wallet in the digital world with the help of blockchain app development companies.
Oxigen wallet is another online payment and e-wallet application developed by the Oxigen Services Ltd in the year 2016 and became the first non-bank e-wallet approved by the Reserve Bank of India in the same year. Oxigen wallet is also the first wallet which allowed the users to load cash in the ewallet with the help of money available in their respective accounts. It is one of the oldest and reliable online payment options when it comes to bill payments, recharges and other online transactions.
9. BHIM Axis Pay
BHIM Axis Pay is a wallet powered by Axis Bank which is an application program available for both Android and iOS mobile phones. It is a UPI app which means the user needs to register into the app and create a UPI id which is usable in this app as well as all the other applications and transactions. It enables the user to do cashless and instant money transfers with the trust and security of Axis Bank.
10. State Bank Buddy
State Bank Buddy is basically SBI’s payment application on mobile phones available for both Android and iOS. With Custom Mobile App Development provides utilities than managing the bank account like paying bills, recharges of phones and TVs, booking movie tickets and can also be used in online billing merchants. This can help the user to view bank statement anywhere anytime. For an account in SBI buddy, users can log in through various applications like through Gmail, Facebook,, etc. Users can create an account manually too. It is a secure way of payment and instant money transfer.