Top 5 Contactless Payment Apps

In recent years, there has been a surge in the popularity of contactless payment apps. As consumers and merchants discovered the convenience, security, and other advantages of digital payments, the country recorded over 83.75 billion transactions in FY 23. Many trends and forces have emerged in the industry over the last few years, making India the most exciting payment hotspot in the world. Essential categories such as pharmaceuticals, fuel, groceries, home automation, and so on have fuelled the growth of contactless payments, making it second nature over time. The government’s initiatives such as “Cashless India” and allowing contactless transactions with “tap and PIN” are also increasing digital payment volumes. Over the last 6-7 years, India has made significant strides toward becoming a cash-lite economy. A country that was previously dominated by cash transactions has evolved in tandem with the dynamic payments ecosystem. 

Whether you’re seeking a quick and secure payment solution or simply looking to switch up your payment style, keep reading to discover more about these exceptional contactless payment apps. These apps offer a convenient and secure method of paying for various goods and services. With the abundance of contactless payment options available, it can be challenging to determine which ones are worth considering. To simplify your decision-making process, we have curated a list of the top 5 contactless payment apps. In this blog post, we will provide an overview of each app, highlighting their unique features and the advantages they offer. Now, let us look at 5 best contactless payment apps that will make your life easier and safer:

1. HOP Remit app

The HOP Remit is an app for making international money transfers easy, safe & secure. We offer the most competitive exchange rates in the market, with the minimum amount of fees when compared to the rates of traditional banks. Our intuitive interface and fast remittances have developed interest among international students. Our services are more than just convenience; they guarantee the safety of your hard-earned money.

2. PhonePe

PhonePe stands as the second-best contactless app in India. As per the “Inc42” report, PhonePe has processed 446.14 Cr transactions in the year 2023, wherein 47.79% of UPI transactions by volume and 50.53% of UPI transactions by value. PhonePe not only facilitates UPI payments, but users can also recharge, make online bill payments, shop, order food, buy gold, invest, and so on all from a single app. You can choose to make payments from options like the PhonePe wallet, Debit/Credit Card, and UPI. PhonePe also provides its customers with cash-backs and a variety of offers and rewards. PhonePe is unquestionably superior to most other contactless payment apps, with one of the simplest interfaces and the fastest and safest online payment experience in India.

3. Google Pay

Despite being a late entrant in the digital payments ecosystem, Google Pay has rapidly expanded its user base. According to the report by “Inc42”, Google Pay has processed 310.9 Cr transactions as of the year 2023. With Google Pay, you can send money to friends, pay bills, buy things online and offline, and recharge your phone – all through UPI directly from your bank account. As Google Pay works with your existing bank account, your money is secure with your bank. Also, with Google Pay, you won’t have to worry about reloading wallets. Unlike other contactless payment apps, no additional KYC is required here. You can also earn scratch cards using Google Pay. The cashback is deposited directly into your bank account. Other rewards include coupon codes for various brands and platforms such as AJIO, Cult Fit, etc.

Also read: Top 8 Must Have Travel Apps For Frequent Travellers

4. Paytm

Paytm is one of the largest mobile commerce platforms and contactless payment apps in India. As per the “Inc42” report, Paytm has processed over 128.84 Cr transactions in the month of March 2023. It offers users a digital wallet for storing money and making quick payments. Paytm also has UPI-enabled payments. Paytm is accepted by most merchants across India, including the rural parts. After demonetization, Paytm was the first mobile wallet to come to the aid of cash-strapped Indians with most stores accepting payments through the app. Paytm works in a semi-closed mode, where users can load money and make payments to merchants. Apart from making e-commerce transactions, Paytm can also be used to buy household items, groceries, movie tickets, bus & flight booking, metro card recharge, LIC premium, and loan payments, buy gold, pay e-challans, and more.

5. CRED

CRED, founded in 2018 by Kunal Shah, is a fintech company based in India. As per the “Inc42” report, the CRED app has processed transactions worth 7.39 Cr. in the month of June by keeping behind Amazon pay. Originally created to manage credit card and utility bill payments, the app has expanded its services to become a popular choice for making payments on various e-commerce platforms. This growth, along with its appealing cashback offers, has propelled it to an esteemed position in terms of UPI payment transaction volumes. 

The app offers the following features :

1. Allowing users to connect their credit cards and conveniently make payments with them.

2. Sending alerts and reminders to ensure timely payment of credit card bills.

3. Enabling users to make UPI payments to vendors through the Cred platform.

4. Rewarding users with ‘Cred’ points, cashback rewards, and vouchers for their transactions.

5. Gaining recognition for its creative marketing campaigns that tap into current trends.

Final Thoughts:

The pandemic has caused a rise in contactless payments, accelerating the shift from cash to digital payments. In India, there are numerous mobile wallets and contactless payment methods. One of the best and most convenient apps is moneyHOP. HOP Card from moneyHOP offers a wide range of facilities such as instant currency conversion, transfer of money internationally, multi-currency wallet, and chip-embedded cards which enable you to pay contactless across borders. The HOP Card is powered by VISA, which provides seamless and secure payment. The 5 contactless payment apps mentioned here, on the other hand, are among the safest and most convenient. They are widely accepted and work even when mobile Internet coverage is poor. Furthermore, most of these contactless payment apps offer special deals and promotions regularly, which indirectly helps in saving more money!