5 top digital wallets in India

Digital wallets have proved to be a boon for swift payments in recent times. Amidst all the digital security concerns, more than $100,000 million digital transactions have been made in the country. There are a variety of digital wallets that offer cashbacks, which can be used to save money while shopping. Five of the best digital wallets for cashbacks in India are mentioned below.

  • PhonePe
    It is one of the most popular digital wallet apps in India. PhonePe emerged as an e-wallet that could simply be used for miscellaneous bill payments and mobile recharges. The digital wallet was then acquired by Indian e-commerce giant Flipkart. Today, people can pay for their shopping at a local grocery store by scanning the PhonePe QR code. The digital wallet has also partnered with several retailers and food franchises to offer cashbacks on purchases from their online or physical stores.
  • MobiKwik
    MobiKwik is yet another fast-growing digital wallet app that offers cashbacks on purchases in India. The digital wallet app has partnered with more than ten state electricity boards in India so that customers can skip long queues at payment counters and pay electricity bills using their phones. Cashback of more than 30% is offered on payments made through MobiKwik. The app is also highly encrypted, making it more reliable and secure for all electronic payments.
  • Paytm
    One of the earliest digital payment apps in India Paytm gained instant popularity due to its payment mechanism. The digital wallet app started as a simple e-wallet that users could use to pay bills at local stores or do mobile and DTH recharges. As more digital wallets came into the market, Paytm upped the ante, and today it is also a full-fledged e-commerce website selling everything from groceries to home appliances. Paytm also partnered with several e-commerce platforms and retail franchises to offer up to 50% cashback to customers who used their platform to pay for their purchases. Users can also link their bank accounts to the app to avoid saving money in the Paytm wallet.
  • FreeCharge
    It is also one of the leading digital wallet apps for cashback in India and is one of the major competitors of Paytm. FreeCharge offers decent cashbacks upon payments or recharges made using the app. It also lets customers pay their gas and electricity bills offering cashbacks on both. One of the unique features about FreeCharge is, like Paytm, it can also be used to recharge metro cards so that users can avoid standing in queues to travel in metro trains. Moreover, FreeCharge offers easy credit through its EMI options. It is also great for people who are interested in the stock market trading and mutual funds.
  • Amazon Pay
    Amazon Pay is a digital wallet app by the global e-commerce giant Amazon. It is one of the most recent digital wallet apps that offers cashbacks on purchases in India. Like all other digital wallets, Amazon Pay can also be used for payments on its shopping app as well as other digital e-commerce platforms and local stores. One of its unique features is the auto-reload feature, in which customers can load a specific amount of their choice automatically. However, the amount cannot be credited back to the bank account and can only be used to make purchases on its app or other platforms.