Popular e-wallet apps
- Paytm:Paytm is one of the most popular e-wallet apps in India, allowing users to make payments, pay bills, recharge mobile phones, and transfer money to other users.
- Google Pay:Google Pay is a popular mobile payment app in India that allows users to make payments, transfer money, and pay bills.
- PhonePe:PhonePe is an e-wallet app that enables users to make payments, transfer money, and pay bills through their mobile devices.
- Mobikwik:Mobikwik is an e-wallet app that offers services such as mobile recharges, bill payments, and online shopping.
- Amazon Pay:Amazon Pay is an e-wallet service offered by Amazon that allows users to make payments, recharge mobile phones, and shop online.
There are many ways of online payment and money transfer. UPI and e-wallet (Digital wallets) are among them. However, many people do not understand the difference but there are certain variations among these two.
Unified Payment Interface i.e. UPI where there is a means of instant money transfer between two bank accounts. At the same time, digital wallets act as an intermediary between bank accounts and have to add money to it before digital transactions.
UPI uses virtual payment address and identity, while digital wallet uses your mobile number.
In UPI, limit of 1 lakh per transaction has been kept. At the same time, in case of transaction from wallet, if the customer has not had KYC, then it is Rs 10,000 in a month.
UPI transactions can happen between any two banks. In contrast, digital wallet transactions take place between two accounts in the same digital wallet app. This means that both the money transfer and the recipient should have this app.
UPI facilitates future transactions. In contrast, the digital wallet does not have this kind of facility. It is mainly used for instant transactions i.e, you immediately transfer money.