Money transaction methods has changed a lot in the recent years. Earlier a customer had to wait in queues for hours to get their transaction executed. At first online payment was only available in the method of Internet Banking. The UPI payment method revolutionized the transaction system of the human economic world. UPI payments also solved the problem of availability of having change. Today we present to you some of the best UPI payments available in India.
PhonePe revolutionized the online payment in India. It was the first add that managed to earn credibility among the mass in large number and gained their trust in online payment. It is surely one of the best UPI app in India. Along with making regular payments, a user in PhonePe can also recharge, make online bill payments, order food, do online shopping etc. As of November, 2020, PhonePe stood at 868.40 million transactions that amounted to Rs 1,75,453.85 Cr in transaction value. PhonePe has a simple user interface that makes it convenient for its users to use it. It is one of the top UPI payment service in India.
Google Pay, a name not new to anyone, surely stands as one of the best UPI apps in India. It was formerly known as Tez App. The app managed to gain a long chain of customer within a short period of time. And surely having the big brand name, Google, worked its own wonders too. Google Pay had 960.02 million transactions that amounted to Rs 1,61,418.19 Cr in transaction value, as of November 2020. Google Pay lets users to send money to their friends, pay their bills, shop online, recharge and pay at merchant shops etc. It has a feature called “scratch card” that helps a user earn gifts that ranges from cashback to offer codes in online platforms.
Paytm is one of the oldest online transaction app in India. The app offers, Paytm Mall, Paytm Wallet and Paytm UPI. Paytm can be referred to as a megastore due to the variety of products and services being offered by the app. Every activity related to online payment can be performed in this app. Because of this, it is one of the most used UPI app in the nation. As of November 20202, Paytm stood at 260.09 million transactions that amounted to Rs 28,986.93 Cr in transaction value. One can also book IRCTC train tickets, flight tickets, shop groceries, do loan payments, pay e-challans and avail a lot of other services.
Amazon pay stood as the fourth biggest UPI payment app in the year 2020. It is a fairly new app compared to some of the other UPI payment apps. In the month of January 2022, Amazon pay received 37.15 million transactions in volume that amounted to Rs 3,624.51 Cr in transaction value. It is another app with a big brand name that facilitated to gain a large range of users in a short period of time. It integrated most shopping and payment gateways. It also offers awesome cashback awards like most other UPI apps. Although Amazon pay came to the market of UPI payment app lately, at present it is one of the most sought and used UPI app in the nation.
Bhim app is another newcomer in the online UPI payment world. The National Payments Corporation of India (NCPI) launched and also manages the Bharat Interface for Money (BHIM) app. It is a UPI enabled facility that facilitates safe, easy and instant digital payments through our phone. The BHIM app, as of the month of November 2020, stood at 0.31 million transactions in volume. This amounted to a total of Rs 13.87 Cr in transaction value.
