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One can use the Bhim app to carry out UPI transactions, and can also do it using the mobile app from your existing bank, if it is a UPI member bank. Photo: Abhijit Bhatlekar/Mint
One can use the Bhim app to carry out UPI transactions, and can also do it using the mobile app from your existing bank, if it is a UPI member bank. Photo: Abhijit Bhatlekar/Mint

Apps | Which ones have you tried

Here is a look at some of the apps for financial transactions you may want to try

In the last year, apps for financial transactions have proliferated. Here is a look at some of the apps you may want to try.

UPI apps

After National Payments Corp. of India (NPCI) launched the Unified Payments Interface (UPI) platform; government, banks and fintech companies have either launched new apps to use it or they have revamped their existing apps and linked them with UPI. You can use the Bhim app to carry out UPI transactions, and you can also do it using the mobile app from your existing bank, if it is a UPI member bank. Companies such as PhonePe and Mobikwik also allow you to do UPI transactions. Though the exact process may vary, the broad details stay the same: you have to download the app, enter your registered mobile number, verify with a one-time password (OTP), create a virtual ID (such as: name@bankname) and link it to your bank account. Once linked, you can start sending and receiving money from that account.

Apps of internet majors

This year, major multinational companies and app publishers entered the payments sector in India, allowing people to use these platform for payments. For instance, now if you have Truecaller on your phone, you don’t have to download a separate app for payments. You can transact from the app itself. Some Samsung phones come with the Samsung Pay app, which you can use for UPI-enabled payments. WhatsApp is also likely to launch a UPI-enabled payments option by the end of this year.

Small credit apps

As payments-focused companies realized that margins are higher in credit transactions, many shifted focus to small credit. This has led to apps that let you take loans of small amounts. This year PayU lndia launched LazyPay, which allows online shopping on credit. There is no penalty if loan is paid back within a stipulated period. There are others too—such as EarlySalary, LoanPay and PaySense—that offer instant credit. However, do check their interest rates, processing charges and other fees before going to them.

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