Top 10 Best Money Transfer Apps in 2023

Best money transfer apps for your business: Presently, sending money is very easy and simple, and can be done with help of our fingertip across the country within a few minutes from your home or working area.

But once it was a very difficult and involves plenty of intermediary stages. At that time, you had to stand in a long queue and finally when you reach at the counter, there was transaction problem due to many reason.

Now, with the help of technology, this process become very faster, secure and reliable through some apps or e-wallets. So, technology plays an important role to execute this process. In India, most of the people are having android mobile phone and they are now using money transfer apps to transfer money.

This money transfer app is working on the basis of Unified Payments Interface (UPI) system that help different bank accounts into a single mobile application. You can transfer money through mobile wallet and digital payments.

In India, there are many types of e wallets such as open, semi-open, semi-closed and closed according to the type of usage and payment you are able to do.

With the help of UPI, it is become so easy to transfer money from a wallet as well as from bank accounts.

Here, through this article, we are going to discuss about top 10 money transfer apps which you can use to transfer money according to your need.

Also Read: How to Start a Business 2023

Top 10 Best Money Transfer Apps

 1. Google Pay (also known as Tez)

The first mobile payment system was Google Wallet that was developed for android devices in 2011, later it was renamed as Google Pay to focus as it will be used for payment.

In recent time, it takes the no one position in India in the field of digital wallet. Various operations can be done through this app such as you are able to send money to your friends, payments of bills, online shopping, online recharge, either with the help of UPI or directly from your bank account. In this app, you don’t need to worry as it doesn’t ask you for KYC.

As additional benefits, you will get scratch cards and other cash back offers to earn extra money which will be directly credited into your currently existing bank account.

2. Phone Pe (initially part of Flipkart)

Phone Pay is a versatile app in the world of digital payment which was came into operation in 2015. Within just 5 years, it makes a remarkable position and cross the downloading mark of 100 million.

Through this app, you are able to do all the online operations such as payments, recharges, money transfer, online bill payments etc. In India, currently, it one of the safest, fastest and reliable money transfer app and got huge response from people.

The transaction limit is up to 1 lakh per transaction (24*7) without any worry from anytime, anywhere. You are able to check your account balance, transaction history, save beneficiaries and also able to add many bank accounts.

Other than this, you will be provided some extra cash in the form of refunds or cashbacks.

3. Mobikwik

It is one of the popular money transfer app in India which was founded in 2009 based on payment system and digital wallet. Mobikwik is a semi closed wallet that got authorization from Reserve Bank of India in 2013. From July 2015, it is operation that was used for debit and credit card payment till date.

You can use this app on Android, Windows and iOS. With the help of this app, you are able to do your payments, mobile or other recharge, book rail/bus tickets, do payments of gas/electricity/DTH in online platform.

Till now, it got the number of downloading approximately 50,00,000.

4. FreeCharge

This is an Indian money transfer app to perform online transactions which was started in 2010. In this app, you need to create BHIM UPI ID and have to link with your bank account number to avail all the benefits.

Customer can use their utility such as bill payment, mobile phone recharge, invest in mutual funds, cashless transactions, lending, saving, booking of rail/bus/movie tickets and earn some cash or avail discounts.

You can also do charitable donations through this money transfer app online. Amazing discount coupons are available of all the popular brands with only ₹ 1. Downloads of this app is about 10,00,000.

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5. PayTM

This is one of the leading financial services company that brings full-stack payments and financial solutions of its customers be it online or offline that was launched in 2010.

PayTM is a semi-closed wallet where customers can add money and do payment operations with the tie-up organizations.

This is the money transfer app that was came into operation before the introduction of UPI in India and provide services such as payment of bill, money transfer along with e-commerce transactions. Currently, it has enabled UPI payments.

Current number of installation is nearly 100 Million (or 10 crores) as on the Google Play Store.

6. Yono (You Only Need One) by SBI

State Bank of India launched a mobile wallet application which allows customer to transfer money to other accounts, pay bills, book hotels/flight/train/bus as well. You can choose 13 languages of this semi-closed prepaid wallet. You are able to check bank balance, set reminders for debt, check mini-statement.

Yono was launched in the year 2017 on 24 November and has tie-up with over 100 e-commerce companies. It downloaded by 10,000,000+ (10 Million or 1 crore) as on Google Play Store.

7. BHIM Axis Pay

Private lender Axis Bank launched Bhim Axis Pay UPI app through which you can transfer as well as receive funds with the help of android phones from any bank accounts securely.

Bank account holders of all bank are able to avail all benefits. It is not mandatory to have IFSC or other bank details.

You can the services of this money transfer app for transferring money, recharge of mobile/DTH/electricity and also able to have some extra cash in your account directly. The maximum limit of Bhim Axis Pay is ₹ 2 lakhs.

8. Amazon Pay

There are lots of money transfer app provide online payment processing services and Amazon is one of them which was launched in 2007 globally but in India, it was launched in 2017.

Security of this money transfer app is very tight. You can use this app for many purpose such as transfer money from one account to another bank account, recharge mobile phones and other options.

Using consumer base of Amazon, it gives an option to its customers to do their payments on outside merchants such as BigBazaar. With the help of this app, it is now easy to purchase products on Amazon for their consumers.

9.  Airtel Money

This is the first company to get license of a payment bank from the Reserve Bank of India which is also a subsidiary of Bharati Airtel. Airtel Payments Bank has launched its UPI enabled to make digital payments securely.

Using this online platform, you are able to facilitates different such as online money transfer, recharge, shopping. Apart from this, you can also avail some insurance plan such as Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana.

You need to create a Virtual Payment Address (VPA) & MPIN to do all the transactions but it is not mandatory to provide bank account details.

10. PayPal India

In major countries of the world, an American company operating to provide facilities of online transactions. The registered customers of PayPal can make transaction anywhere in India as well as abroad.

The transactions through this money transfer app are protected by advanced security encryption with fraud monitoring facilities without providing any kind of personal information regarding financial activity.

We hope this post will help you a lot. You can follow us on Facebook and Twitter for any latest information.

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