#FinancialBytes: 6 smartphone apps necessary to live a cashless life
The Modi government's 2016 demonetization drive paved the way for cashless transactions in India and ever since the digital payments ecosystem has evolved dramatically.
Today, there are a lot of apps available that help you go cashless offering various services- from sending money to making payments to making investments to taking loans.
Here are 6 must-have apps in India. Take a look!
BHIM, the NPCI's solution to make India go cashless
There's almost nothing you cannot do using Paytm
Users can send/receive money, scan-and-pay using QR Code Scanner, create UPI and link bank account, open Paytm Payments Bank savings accounts, and get virtual/physical debit card.
Paytm is accepted almost everywhere as a payments option. Features include mobile recharges, bill payments, insurance, loans, gold accumulation plan, movie tickets, bus/train/flight booking, shopping.
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You can make payments without Internet with UltraCash app
Users can instantly send money to any Indian bank account from debit cards or bank accounts. Other features include mobile recharges, credit card/utility bill payments, UPI support, payments at stores/restaurants/cabs, etc. Users can also earn rewards for their transactions.
Users can also pay without using the Internet through UltraCash's Audio NFC technology.
Pocket by ICICI bank offers several cashless transaction options
Users can conveniently transfer money to contacts (via UPI/mobile-number/email/WhatsApp/Google+) or request money.
Users need not carry physical debit/credit cards; Pockets' Touch & Pay feature allows them to wave their smartphone near NFC-enabled merchant terminals to make payments.
Scan-and-Pay, recharges, bill payments, ticket booking, gift cards, exclusive deals are other features.
You should download the net banking app of your bank
Post demonetization, almost all banks, both public and private banks, have launched their 'Net Banking' apps.
Customers, too, benefit from the ease of Internet Banking. These apps provide almost all banking services online, including funds transfers, bill payments, statements, checkbook requests, investments, loan applications and transactions, etc.
So, one must have the Net Banking app of the bank they hold an account with.
MoneyView Money Manager for cashless loans, investments, expense tracking
It allows users to avail cashless instant loans of up to Rs. 2,00,000. They can pay bills and make investments to grow money or save on taxes on the app itself.
The app can also track expenses, set budgets, show daily/weekly/monthly spends graphs and help users save money.
Google Play Store