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5 Best UPI Apps in India: 'Savings' ain't your cup of tea

Created on 20 Jul 2022

Wraps up in 5 Min

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Updated on 31 Aug 2022

In this fast-paced 21st century, there isn’t a single household that doesn’t own a smartphone. And if you own a smartphone, what is the one thing you do even before downloading various shopping apps? You install a unified payments interface (UPI) payment app. The UPI app has come a long way, from people being scared to even install the app to the ‘tu mu chala chottyein, Google Pay ab har jagah chalta hai’. 

Each of us has felt the guilt of spending our pocket money or even hard-earned internship stipend randomly on food, clothes, accessories, etc. All by virtue of the wonderful UPI payment mode that doesn’t make you think twice before clicking the ‘pay now’ tab. Such is the magic of UPI payment apps. Let us now check out the best UPI apps in India.  

What is UPI?

Today, UPI apps have become an indispensable part of our lives. A recent data analysis says that in March 2022, UPI processed 5.04 billion transactions for the first time. Aren’t you wondering what led to the UPI app being the most preferred payment mode? 

Well, for starters, due to demonetization, the UPI mode was able to not only scale a huge cliff but also stand a chance of competing against the manual mode of payment. The National Payments Corporation of India (NPCI) gave rise to UPI. UPI was established to create a real-time payment connection that works as an intermediate system. 

Below are the features depending on which we can judge the best UPI apps In India. 

  • The UPI payment method provides easy and quick access to transfer money (and that’s how all our money goes!) 
  • Money gets easily transferred from any location and at any time of the day.
  • A single app with access to your multiple bank accounts.
  • With advancements in technology through the UPI mode, providing your bank details like account number, IFSC code, etc., won't be necessary.
  • You need a UPI ID on your smartphone for a successful transaction.
  • Paying taxes or phone and electricity bills are made simpler.
  • No extra transaction fee is deducted.

Top 5 Best UPI Apps In India

UPI was first introduced in India in 2016. Since then, UPI has emerged as the most well-known mechanism of payment. Below are the 5 best UPI apps in India based on surveys, customer opinion, and reports, based on which you can choose the best UPI payment app In India.

Phone Pe

PhonePe is undoubtedly among the five best UPI apps in India. Rahul Chari and Sameer Nigam established the Indian company in December 2015. PhonePe provides numerous cashback offers and has almost 294 million registered users in India.
Through this app, you can make payments at more than 19 million stores, apps and websites. By using the PhonePe wallet, you can spend up to INR. 1 lakh per transaction. Following are the features of PhonePe:

  • You can transfer money directly to the bank account.
  • You can make a payment through a QR code.
  • You can check your bank account balance easily.
  • You can pay bills like electricity, gas, water, etc.  
  • You pay either with a debit card or credit card.

Google Pay

This app is the most used UPI app In India. Google Pay is ranked as one of the best UPI apps in India because it provides cashback options along with coupons. GooglePay can also be used in regional languages like Bengali, Hindi, Tamil, Kannada, Gujarati, Marathi, etc. This is one of the most important reasons that make GPay the most used UPI app In India. Other reasons are as follows:

  • Get new scratch cards every time you make payment.
  • Generates authentication each time and maintains safety.
  • You can add any bank account.
  • You can lock the screen for extra security.

Paytm

Yet again, one of the best in the business! Paytm has its headquarters in Noida, Uttar Pradesh. The company was founded by Vijay Shekhar Sharma in 2010. Paytm was the first company to start the ‘mobile wallet’ feature. The other features of this platform are: 

  • Make payments for credit cards to loans.
  • Pay electricity bills, mobile recharges, book tickets for train, flight or movies.
  • Ensure utmost security.

Amazon Pay

Amazon was founded in 2007. Amazon Pay provides options for shopping at reasonable discounts. It also provides discounts on Amazon Prime subscriptions. Through this application, you can purchase products, pay for movies and bills, etc. The features of the application are:

  • Pay later through a wallet.
  • Win Several rewards and receive cashback options
  • Pay electricity, gas and credit card bills.
  • Avail of easy travel booking and insurance payment options.
  • Get gift coupons.

Bhim UPI

Bharat Interface for Money or BHIM is one of the best UPI apps In India. The NPCI created this Indian application in 2016. BHIM was the first platform to start the UPI mode of payment. Along with ensuring utmost safety, it has the following features:

  • Scan the QR code and pay in one go.
  • Faster and easier bill payments.
  • Recharge Internet plans.
  • Flight ticket purchasing made easy.
Nepal was the first country to adopt the UPI system of India. Recently, Singapore, UAE, Bhutan and France have also adopted India’s UPI.  Till July 4, 2022, India has initiated talks with 30 different countries for UPI integration.

Why has the UPI mode of payment become so famous?

You wouldn’t believe this, but as per a report, in the financial year (FY) of 2021-22, UPI processed payments to the tune of roughly $1.09 trillion or around Rs 83.45 lakh crore. Ever wonder why UPI has become the most famous payment mode and continues to make headlines? Here’s why.

Convenience

One of the major benefits of UPI is that there is no need to give your bank details to other people to facilitate the transaction. Moreover, you do not need to remember your IFSC code, account number, etc. The transaction process has been technologically developed according to one’s convenience. 

Faster Execution 

Even before the concept of UPI, the only faster transaction method was through net banking or a bank branch. There too, one had to enter the net banking PIN, bank account password and other PINs. But with the UPI, the entire process has become faster. 

Easy Refunds For Failed Transactions

Every UPI app has a unique benefit. The process for generating refunds for failed transactions is safe and reliable. With UPI apps, getting the refund money happens on the same day as the failed transaction. 

Works With Any Device

One of the greatest benefits is that the UPI mode of payment works on any device. Be it your smartphone, a PC or a tab, all you need is the UPI ID or a scanner to make the payment through the UPI app.

The Bottom Line

Maybe, after all, ‘going cashless’ was one of the best decisions ever taken. These days, even the little flower shops on the street have a UPI code or scanner ID for you to make the transaction process easier and better. 
Overall, the concept of the UPI mode of payment has helped in making the economic backbone stronger. 
Hope this article has been of help to you and you’ve learned about the best UPI apps In India. What more are you waiting for? Install a UPI app today if you do not have one!
Also, let us know in the comment section which is the best UPI payment app In India, according to you!

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Ayushi Upadhyay

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A Keen Learner. Tiny, brainy, and studious, this quiet one stays in her zone until she pops. And once she does, boy, are her comebacks snappy! There is no financial question that she can't answer through her magical blog-writing. 

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