Mobile Wallets in India: Top 10 Best Digital Wallets of 2023

By Myilraj G 

Updated on Jan 5, 2023



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10 Best Mobile Wallets in India to make transactions faster, safer, and save some money.

Payment System makes the business world go round. In India, the expansion of e-commerce is made possible due to the launch of an online payment gateway and online mobile wallets.

The process of moving the works on stream initiates with observing the ins and outs of e-commerce.

An online payment wallet or e-commerce payment system simplifies the transaction by electronic payment through some gadgets.

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When the system is being provided by the online service there is likely some convenience level to accepting electronic payment.

The organization can accept payments through credit card/debit card, where it is decided to be the comfort of the business.

Payment online will be more secure and convenient for the customer.

Here they can pay for the goods and services at a rapid scale, where we won’t realize the background work which is being done.

Introduction to Online Payment System

After all successful processing, the remittance work initiates encryption, authentication, authorization, and at last settlement.

Clearly let’s follow a transaction from start to finish…

To get initially with online payments through online mobile wallets in India, you generally need:

  • A Merchant account – but some payment systems (such as PayPal) does not need a merchant account.
  • An account with an online payment gateway provider.
  • A website includes a buy button (e.g. Join, Donate, Buy) that starts the transfer work.

The detailed working of the online transaction will be like this:

  • The card is keyed at the merchant.
  • Data is sent by the merchant to the processor, which is usually a bank.
  • Acquiring bank routes transactions through appropriate card networks ex. Visa net
  • Transaction reaches the cardholder’s issuing bank.
  • The issuing bank approves or declines the transaction
  • Approve/ Decline sent bank through the network to the seller to complete the purchase.
  • Acquiring bank settles with issuing bank.
  • Acquiring bank settles with the merchant.

Digital India Movement

The Government of India has introduced the Digital India program to change the whole public sector through the use of evolving technologies.

This program was started with the motivation to transform India into a digitally strengthen society by using advanced and evolving technologies.

Digital Technologies which include Cloud Computing and Mobile Applications have been raised as motivation for fast economic development and citizen welfare across the network.

Digital wallet technologies are being increasingly used by day to day lives from small stores to government sectors.

They help us to merge and solve many issues with great uncertainty

This idea will come up with policies and good guidance from and around the network to make this idea of a digital India a reality.

E-governance / Digital India of the government included, some major projects as

  • Railway computerization
  • Land Record computerization etc.

which is focused on technological mobile usage development.

The projects were focused on citizen-centric which will have good advancement in the future.

The separate and less combined systems revealed a great break that was a successful adaptation of e-governance along the entire spectrum of them.

All new projects of Government are empowered by the Mobile. The Key principle includes

  • Transformation and not a translation
  • Integrated service and not Individual service
  • Government project Re-engineering to be mandatory
  • ICT Infrastructure on Demand
  • Cloud by default and Mobile-first
  • Fast-tracking Approvals and Protocols
  • Language Localization
  • National GIS (Geo-Spatial Information System)
  • Security and Electrical Data Prevention
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Digital Wallet

The mobile device can do billions of bundled work including payments, transactions, and purchasing but in a secure manner.

The mobile Industry has multiple distribution networks where the cashless transaction is enabled via ATMs (Credit/ Debit cards), and Internet banking.

For enabling the digital mobile wallet payment these qualities must be required, for regularity variations,

  • Unified license scheme
  • Top-up for mobiles in semi/ semi-closed wallets
  • Mobiles used for the transaction must be bank approved

As purchasing method is varying day by day, the payment platform and payment gateway that follows the former.

The mobile point of the selling machine has been present until now.

The usage of mobile wallets in India is the new motto, that has strengthened the use of Credit cards.

Mobile wallets slowly replacing the old transaction and purchasing methods. In other words, Virtual Mobile wallet where one can unparalleled subscription.

Digital wallets also come with users interesting deals like advancements, cash back offers, and maintain history of your account frequently.

Most important is, they’re in a comfort zone. You can

  • Split a dining bar with friends,
  • Pay the bills,
  • See the bill online,
  • Avoid highly expensive transaction fees when you roam around.

List of Top Online Mobile Wallets in India

Here is the list of the best digital wallet for all your online transactions including bill payments, DTH Recharge, etc.

  1. Paytm
  2. PayU
  3. Mobikwik
  4. Momoe
  5. Citrus
  6. State Bank Buddy
  7. ICICI Pockets
  8. Citi MasterPass
  9. HDFC Chillr

1. PayTM

Paytm is one of India’s Largest Mobile payments and e-commerce platforms.

Initially, it was started only with online mobile recharge and payment of bills for some aspects.

But now it has a unique place in the market. Paytm is the Consumer Brand formed by One97 communication which includes

  • SoftBank
  • SAIF Partner
  • Alibaba Group
  • Alipay
  • MediaTek
  • Paytm

These features of PayTM made them grow in the digital wallet Industry,

  • The self-declared merchants – Bank to Wallet transaction and vice-versa.
  • The security feature includes only the users Paytm with Id and its password will allow using the Paytm online payment wallet. If someone tries some malpractice it will ask for OTP, where they can’t hack the wallet application.
  • Mobile application Lock Password: You can set the phone’s usual screen lock/passcode/ pattern/ pin/ voice lock as your PayTM lock, where it will ask to reconfirm those while using the wallet to avoid unauthorized access.
  • The transaction fees for PayTM to the bank account are 0%, similarly, the Paytm mobile wallet to the other wallet transaction charge is also 0% for the lifetime.
  • Refunds and transactions to the bank details will cause some delay but using an online payment wallet in this application will do it instantly.
    Some other benefits include Passbook where you can check all the transaction details done by the app.
  • Individual Personnel QR code for a safe and secure transaction.
  • The offer tab and recently launched list details are intended to be displayed for regular updates.

You can able to see where and whom you are buying the products from and the reviews, ratings of the particular products before getting them.

2. PayU

PayU is an Online Payment solution, which is a mobile-based online payment solution.

Their main aim is to bring cashless payment through the use of mobile wallets in India.

Encourages the use of Credit/ Debit card payments, Net banking for anything by the use of the Mobile app without even Swiping Machine.

The salient feature of this digital wallet includes, it does not need a merchant to install any hardware.

The mobile app allows typing the offers in a search URL to the Users using their unique IDs. The application also scans the QR code to search for the favourites of the user.

The payments can be done

  • Instantly and get the settlement in the preferred bank.
  • Various Range of Payment options.
  • UPI payments,  Credit/debit cards, Net banking.
  • Transaction and Account Management.
  • Dynamic Notifications.
  • Easy to integrate and no drop-off.

Some of the benefits of using the PayU application include zero setup cost, No documents needed for collecting payments.

3. MobiKwik

MobiKwik is one of India’s best self-governing mobile payment networks, which allows you to shop in your favourite shopping area, payment of bills, recharge, transaction process at one tap.

This wallet is much easier than other mobile apps, RBI certified using multiple layers technic for detecting the fraudulants.

Similar to that of Mobile Banking. MobiKwik is used in every small to huge payment for Mobile, DTH, Data Cards, Landlines, Electricity, Cooking Gas, and Insurance.

With the use of the MobiKwik wallet, you can:

  • Transfer money from a bank account.
  • Send money to the other bank.
  • Request for money from the contacts.
  • I can also check for the transaction pending.
  • The interesting display of the mobile app adds.

By referring MobiKwik to a friend and you can earn up to Rs. 1000 and use this life-saving application.

For every 3rd recharge or payment of the bill, you will get a 10% cashback offer. 5% cashback for train ticket booking on IRCTC transactions.

Cashback of Rs. 100 on the first bus ticket booking. These offers are not stable and they will change over for the time being.

There are many other similar online money-making apps available in India.

4. Momoe

Momoe is a developing company located in Bangalore whose vision is to bring rapid change in the online payment gateway.

Build a good bridge between the customer at the real-world outlet such as grocery, medical stores, etc., from the small place to the big business.

Enabling payment through mobile phones with the mobile application will be more comfortable for the customers.

Payment is also possible by credit card and debit card by Mobile Application with MOMOE.

They have initiated a wallet, IMPS, and other techniques of payment like:

Dine-in Restaurants: In most restaurants, the order can be done in the live tab, by using this online payment wallet you can pay and leave the place when you wish. Splitting the bill is also possible.

Cashless delivery is made into concern. You can use the merchant on the application, type the bill amount, and finally, pay the amount. Momoe is currently available in Bangalore

Once the payment is done successfully the notification will be received.

The advantages include Instant checkout, split your bill, wide network, rewards and credits, and offers.

It is quite a simple and safer application to use.

All the data in this application are encrypted by using 128-bit SSL.

You view your bill of any kind by using this application. No frustration will appear.


Citrus is a fast-growing online payment solution that offers a one-tap transaction, payment provider, and other aspects.

The payment can be made during dinner, movies, and parties, and where the bill can be split among friends.

With the one-tap system, they can compete with MobiKwik.

The citrus digital wallet is currently growing as a top mobile wallet in India with online payments like Cafe day, PVR cinemas, Ixigo, Meru cabs, Ticket New, Inox, Faasos, and more.

The citrus wallet is easy to use because it allows the user to seamlessly transact with the parented dealer.

Instantly refund the online purchase in case of failure. In specific the best deal on the products includes apparel, entertainment, movies, etc.

6. State Bank Buddy

SBI Buddy is one of the best and first Online Payment wallets on mobile phones.

This mobile wallet is specifically designed for the prepaid application which can be used for the dealer application for the transaction which is flexible in time and place.

It is a semi-closed wallet to transfer money safely.

The main and unique feature of this application is it has a reminder schedule to settle the due amount, payment of bills, recharging, etc.

The SBI Buddy is a digital platform where the customer can simply send or ask for money.

The mobile application is currently available for Android and iOS mobiles. It is similar to that of the Paytm application where its features include:

  • Add money to your wallet by using a debit card/ net banking/ IMPS.
  • Request for money from any state SBI Buddy and track the status of money owned by you and owed to you.
  • Send Money to any of the contacts in your contact list.
  • Transfer money instantly from your wallet to any bank account using IMPS.
  • Recharge for mobile/ DTH and pay bills using this mobile app.
  • Buy movie tickets, Online merchant payments, and view your Statements.
  • The SBI has its app in 13 languages and is also available for non-SBI customers.

7. ICICI Pockets

ICICI BANK is a multinational banking and financial service.

Here the user will be able to create a safe and secure payment named iMobile Smart Keys.

The unique digital application includes chat, messenger, games, and search options.

It is the borderless account, the cheapest currency account for the online seller.

ICICI Bank is available everywhere, here shopping can be done anywhere.

It is a very comprehensive one. And the transaction limit per account in their digital wallet is limited to up to 10,000.

Pockets are built upon a payment gateway, presumably ICICI’s, and powered by Visa’s tech. The Salient features include:

  • Any bank’s debit card can be used.
  • NEFT from any bank.
  • Any bank Net banking.
  • The pocket wallet also comes with a physical purchasing card where shopping can be done anywhere.

The ICICI Pocket wallet has offers like

  • Rs. 1250 cashback on MakeMyTrip
  • PROMO CODE is being provided for every offer.
  • Get a McDonald’s free discount card.
  • 50% cash back on the Merchant’s first transaction through UPI.
  • 100 cashback on BookMyShow.
  • 15% cashback on
  • Likewise, these offers also similarly change at the time period which is not constant always.

8. CITY MasterPass

The City MasterPass is the global Digital mobile wallet in India that has been launched through the integration of Citibank and MasterCard, which introduced the launch of Citi MasterPass.

Users will have access to too fast and secure checkout options. The process will reduce the checkout time. It is efficient and more secure.

Simple and secure payment in less time. You can add credit/ debit/ prepaid cards from MasterCard, Maestro, American Express, Diner’s Club, Discover, and Visa.

The security features that make the application more convenient are the purchase authentication, here the master pass account is only operated by its owner.

Data Protection, the data are stored more securely and the zero liability protection stops unauthorized access.

The Unique feature of the City MasterPass includes Digital shoppers who will spend 10x more than their less-digital platform.

Wallet helps dealers connect to millions of consumers who are ready to use digital payments through the bank they trust most. Masterpass QR is secure, smart, and easy to cash payments.

The offer is given through several leading banks all over the globe.

City master pass that provides safe pay, face to face purchases. There will be no fees to use the wallet if you opt to receive a notification message.

There are discount offers at Burger King, Cinemax, pizza discounts, etc.

9. HDFC Chillr

HDFC Bank has introduced its UPI digital wallet, which is one of the best online payment wallets.

The chiller has been running on IMPS. HDFC chiller is India’s First unparalleled bank mobile app for payment that links directly to your bank detail account.

The advanced feature of this digital wallet is 2-factor authentication even if your mobile phone or sim is been stolen 2-factor authentication will not allow the theft to use the wallet using M-PIN

This mobile wallet comes with various features such as:

  • Sending money to your Chiller account at a faster rate.
  • Add a customer to a chiller using the application.
  • Recharge your mobile, DTH, data card, etc.
  • Pay Insurance premium.
  • Request for the transaction amount.
  • Scan the QR code to pay the bill.
  • Splitting of the bill between friends.
  • Personal information will not be stored in the application.
  • Secured by 2048 client certificate.

The process of sending money will be similar to that of sending a text message to someone very simple.

10. PayGo

PAYGO is an internet-based digital wallet, which is Axis bank’s third-largest private area. Also, allow users to store receipt data.

This app will act as a separate application, which will encounter any individual to share mobile wallets and make seamless peer-to-peer on the on-stream offline dealers.

PAYGO will enable the users to open a fully enveloped savings account that will digitally complete the KYC process using online mobile payment.

Payment will be simpler to use by credit/debit cards or through net banking. Simple authentication via 4 digit PIN.

Key features and the application where can be used are listed:

  • Shared wallet and Pool money.
  • Comparing and shopping.
  • Travel and the environment.
  • In-store payments.
  • Transfer money and Split Bills.

This mobile application is being used by both account and non-account users or customers can use net banking by credit and debit card details.

The particular account holder can share their wallet to the other person in the term of gifts, money, etc.

Concluding the overall survey includes the order of online payment wallet described here is based on the security, efficiency method, and usage among people.

Mobile Wallet technology will bring the biggest penetration in India. The Major difference between Mobile wallets and online payment includes, the mobile wallet does not need any fee for every transaction.

Types of Digital Wallet

HOSTED: The non-hosted or direct payment gateway is inside the merchant store, here no card information is being taken by the merchant.

Here security is the most important process.

NON HOSTED: Redirector hosted gateway includes the transaction among the customer and the dealer is fully based on the online.

Where the security will be provided in various ways through encryption etc. will be done at each side, every step is being known by the user.

The main motive of using mobile wallets in India is to enable a cashless economy with full state protection, reduce tax avoidance.

Making an electronic payment environment is completely secured so that major crime factors will be minimized.

Though to bring our nation into a cashless process is a huge work but there should be some efforts to be taken by every individual to make our nation a well-developed cashless India.

For trading you have permission to access the amount almost instantly, you save money on transaction fees by removing intermediaries, and you don’t have to ask about it in an expensive system.

Added advantage in, digital and mobile wallet payment is

  • It provides access to real-time data.
  • It helps you maintain a progressive edge.
  • Develop customer experience since the wallets provide fast and secure payment methods.
  • The usage of cellular mobile phones as a Mobile wallet will increase digital payment to go as a top market.
  • The demand for digital cash, or coming cashless, is clear and improving across India.

The advantage of digital usage includes credit/ debit card, online money transfer, and usage of wallets for money transfer.

But it has a negative end, where the usage of cards in cities is high but in rural India, it’s difficult which is made possible by mobile wallets.

The Mobile Wallet is named for its security level. Mobile phones and their selling rates are distributed across India in a highly penetrating environment.

Benefits of using Mobile Wallets in India

Below are the possibilities of using Mobile Wallets in India.

  • Easy accessibility.
  • Simple to load money – Credit or Debit card details by banking.
  • The range of uses – Multiple usage facilities.
  • Split bill facility- Sharing of money.
  • Ensures timely payment –Auto payment option.
  • Quick transfer of funds – Where the transactions are made easier
  • Convenient for the users in all aspects.
  • Lower cost- removes the need for intermediaries.
  • Modern and competitive advantage.

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Myilraj G Author OnlineHomeIncome Blog

Hi, I am Myilraj.G!

Myilraj. G is a full-time Blogger, Content Writer, and Digital Marketer. A first-generation entrepreneur started his career as a blogger in 2013.

He helped 600+ individuals across India and a few outside India to start their blogging careers. He also helped SMEs to create their digital presence through his impeccable Digital marketing assistance.

3 Comments on "Mobile Wallets in India: Top 10 Best Digital Wallets of 2023"

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  1. Nice Article, one of the best mobile wallet listing ever. Each and every point is very well described. Some of the mobile wallets are familiar and some of them are completely new to me, like I have never heard of some of these wallets like Momoe, Citrus, State Bank Buddy, Citi Master Pass and so on. Because of your blog I got to know about these wallets. Thank you for posting. Have a nice day.

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