In today’s fast-paced digital world, transferring money to another person has become incredibly convenient thanks to the plethora of mobile payment apps available. With the rise of digital transactions and the government’s push towards a cashless economy, Indians now have numerous options when it comes to transferring money securely and swiftly. From traditional banks to innovative fintech startups, the Indian market offers a diverse range of money transfer apps catering to various needs and preferences. In this article, we’ll explore some of the best Indian apps for transferring money to another person.
UPI Apps:
- Unified Payments Interface (UPI) has revolutionised the way Indians transfer money. It allows users to link multiple bank accounts to a single mobile application and transfer funds instantly using just a virtual payment address (VPA) or a QR code. Some of the most popular UPI apps in India include:
- Google Pay: Formerly known as Google Tez, Google Pay has gained immense popularity for its simplicity and reliability. Users can transfer money directly from their bank accounts, pay bills, recharge mobile phones, and even make online purchases. Its intuitive interface and seamless integration with Google services make it a top choice for millions of Indians.
- PhonePe: Owned by Flipkart, PhonePe is another leading UPI app known for its extensive features and user-friendly interface. In addition to money transfers, PhonePe offers utility bill payments, mobile recharge, and even mutual fund investments. Its innovative offerings like split bills and group payments make it a preferred choice among users.
- Paytm: Initially launched as a mobile wallet, Paytm has evolved into a comprehensive financial services platform offering UPI payments, bank transfers, shopping, ticket booking, and more. With its widespread acceptance across merchants and service providers, Paytm has become a household name in India.
Bank Apps:
- Most major banks in India have developed their own mobile apps to facilitate easy money transfers between accounts and to other banks. These apps often offer additional features such as account management, bill payments, and investment services. Some noteworthy bank apps include:
- SBI Anywhere Personal: State Bank of India (SBI), being the largest public sector bank in India, offers the SBI Anywhere Personal app for its customers. Apart from fund transfers, the app allows users to pay bills, open fixed deposits, and access various banking services on the go.
- ICICI iMobile: ICICI Bank’s iMobile app provides a seamless banking experience with features like instant fund transfers, bill payments, investment management, and cardless cash withdrawal from ATMs. Its intuitive interface and robust security measures make it a preferred choice among ICICI Bank customers.
- HDFC Mobile Banking: HDFC Bank’s mobile banking app offers a wide range of services including fund transfers, bill payments, loan management, and investment tracking. With its user-friendly interface and advanced security features, HDFC Mobile Banking ensures a convenient and secure banking experience for its users.
Wallet Apps:
- Digital wallets have gained popularity in India as a convenient way to store money and make transactions. These apps offer features like peer-to-peer transfers, bill payments, and online shopping. Some prominent wallet apps in India are:
- Paytm Wallet: In addition to its UPI-based payments, Paytm also offers a digital wallet feature where users can store money and make quick transactions. Paytm Wallet can be used for shopping, bill payments, movie tickets, and more, making it a versatile financial tool.
- PhonePe Wallet: Alongside its UPI services, PhonePe also offers a digital wallet feature that allows users to store money and make instant payments at various merchants and service providers. PhonePe Wallet simplifies transactions and offers cashback and rewards to its users.
- Mobikwik: Mobikwik is one of the oldest digital wallet apps in India, known for its simple interface and wide acceptance among merchants. Users can add money to their Mobikwik wallet and use it for recharges, bill payments, ticket bookings, and online shopping, making it a convenient all-in-one financial solution.
Specialised Apps:
- Apart from the mainstream UPI, bank, and wallet apps, there are specialised apps designed for specific purposes like international remittances, group payments, and peer-to-peer lending. Some noteworthy specialised apps include:
- Remitly: For users looking to send money abroad, Remitly offers a convenient and cost-effective solution. It allows users to transfer money internationally with competitive exchange rates and low fees, making it a popular choice among NRIs (Non-Resident Indians).
- Splitwise: Splitwise is a handy app for splitting bills and expenses among friends and groups. Whether it’s splitting rent, grocery bills, or vacation expenses, Splitwise simplifies the process and keeps track of who owes what, ensuring fair and transparent transactions.
- Lendbox: Lendbox is a peer-to-peer lending platform that connects borrowers with individual lenders. It enables users to borrow or lend money at competitive interest rates, bypassing traditional banks and financial institutions. Lendbox offers a transparent and hassle-free lending experience with its user-friendly interface and robust security measures.
Conclusion
The Indian market offers a plethora of options when if you want to Send money to India from the UK to another person. Whether you prefer the simplicity of UPI apps, the reliability of bank apps, the versatility of wallet apps, or the specialised features of niche apps, there’s something for everyone. With the increasing digitization of financial services and the growing adoption of mobile payment apps, transferring money has never been easier or more convenient in India.