Most popular mobile wallets in india

A mobile wallet is a new concept in India that has been slowly beginning to replace the traditional payment methods. Payment wallet is a virtual
place to store money that can perform most banking functions. Demonetization has urged the customer to understand the advantage of digital payments for simplifying the daily transactions. All it requires is to download these digital wallet apps from the app store or play store. With the advent of technology and increasing, use of smart phones and tablet devices made these apps so popular. Also, the development of Unified Payment Interface (UPI) made them performing transactions easier.

Most popular mobile wallets in india


Launched in 2010, PayTM works on a semi-closed model and has a mobile market, where a customer can load money and make payments to merchants who have operational tie-ups with the company. Apart from making e-commerce transactions, PayTM wallet can also be used to
make bill payments, transfer money and avail services from merchants from travel, entertainment and retail industry. Number of installs: 300 million registered users (as of Aug’18)


PhonePe started as UPI payment app and later was acquired by Flipkart to be launched as a digital wallet for the e-commerce giant. It definitely has a lot of smart people behind the app as a first time user will find the app really easy to use. Do use them if you shop often on Flipkart and pay bills online. It has great cashback offers on online Bill payments (electricity, DTH, water, mobile). Fast and good user experience of the app even though they highlight a lot of services.
Number of Installs: 100 million (as of July ’18)

Airtel Money

Airtel Money easily has one of the largest user bases. However, most of the transactions on the platform is limited to Airtel bill payments for mobile, broadband and
other services. You can absolutely use it for online transactions like others but most users do not Number of installs: 100 million (as of August ’18)

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MobiKwik is an independent mobile payment network that supposedly connects 25 million users with 50,000 retailers and more. This mobile wallet lets its users add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces. Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small time grocery, restaurants and other offline merchants. Number of installs: 107 million users (as of Oct’18)

Ola Money

Ola Money which is the payment wallet offered along with the OLA cab booking app has a large user adoption due it being one of the market leaders in the mobility space. However, most people use it for paying Ola bills or keeping money for cab rides. Ola Money makes it easy and quick to pay for OLA cab rides, share passes, clearing Ola credit. Number of installs: 100 million (as of August ’18)

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State Bank Buddy

This mobile wallet application was launched by State Bank of India to let users transfer money to other users and bank accounts, pay bills, recharge,  booking for movies, hotels, shopping as well as travel.
This semi-closed prepaid wallet offers its services in 13 languages and is available for non-SBI customers as well. This app also allows its customers to set reminders for dues, money transfers and view the mini-statement for the transactions carried out. Number of installs: 2.5 million users (as of Sep’18)

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Citi MasterPass

Citi Bank India and MasterCard recently launched
‘Citi MasterPass’, India’s first global digital wallet for faster and secure online shopping.  

By using this, Citi Bank Debit And Credit Card Customers become the first in this country to be able to shop at more than 250,000 e-commerce merchants. It ensures faster checkout with a single click or touch and stores all your credit, debit, prepaid, loyalty cards and shipping details in one place.
at marketplaces. Owing to the growing need for convenience, MobiKwik has also recently tied up with large and small time grocery, restaurants and other offline merchants. Number of installs: 107 million users (as of Oct’18)


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ICICI Pockets

Pockets by ICICI is a digital bank that offers a mobile wallet for its customers. It provides the convenience of using any bank account in India to fund your mobile wallet and pay for transactions. With Pockets, one can transfer money, recharge, book tickets, send gifts and split expenses with friends. This wallet uses a virtual VISA card that enables its users to transact on any website or mobile application in India and provides exclusive deals or packages from associated brands. Number of installs: 1 million users (as of Sep’18)9. HDFC Chillr

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Chillr  ( HDFC Chillr )

Chillr is an instant money transfer app created by HDFC to simplify money transfer and payment process for its customers. Using this mobile payment app, one can transfer money to anyone in their phone book, thereby cutting out on the hassles of adding a beneficiary. It is currently available only for HDFC Bank customers and can be used to send money, recharge, split bills, request funds or transfer and will soon be able to pay at online & offline stores. Number of installs: 1 Lakh users (as of Sep’18)

Local Language apps are gaining popularity in India

LIME Axis Bank

the third largest private sector bank launched ‘LIME’, an application that offers a mobile wallet, payments, shopping and banking facilities. This mobile wallet is available for both account &
non-account holders and lets a user add money using his or her credit, debit and net banking details. One can also share the wallet with their loved ones or pool in funds into a shared wallet for a particular purpose (Example: Gifts, vacations, etc.) Number of installs: 10,000 users (as of Sep’18)

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