Most Trusted Mobile Payment Apps That Will Keep Your Money Safe

Mobile payment apps have become our life-saviors. Especially the tech-savvy youth are the most proactive ones when it comes to making payments digitally. Indeed various mobile payment apps have made their presence in the FinTech sector and have made India a digitally strong nation. But safety is non-negotiable when it comes to trusting mobile payment apps. Hence we have brought a list of India’s Most Trusted Mobile Payment Apps That Will Keep Your Money Safe and provide hassle-free experiences of online transactions.

Paytm

Founded by Mr. Vijay Shekhar Sharma in 2010, Paytm brought an exemplary wave of revolution in making India adaptable to making transactions online post demonetization. This Fintech giant has become popular for all the right reasons. All the transactions made on Paytm are regulated with 128-bit encryption SSL security. Paytm never stores the CVV numbers of any cards to ensure all-around safety. The support system of real-time monitoring and transaction engines has made it one of the safest mobile payment apps. As per the analysis of 2022, Paytm which is now present both in India and Japan, crossed the benchmark of having 35 crore active users in India.

PhonePe

Founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, PhonePe is another change-bringer in the FinTech sector with an active user base of more than 30 crores. The stalwart security teams of PhonePe monitor every transaction in real-time to prohibit any suspicious activity. Another stark feature to mention, PhonePpe efficiently reports fraud complaints and blocks fraudulent users from accessing the platform. For the supreme security of the users, the company has also partnered with cybercrime cells of government law enforcement and security agencies, such as the National Cybercrime Portal, CyCord, and CyberSafe.

BHIM UPI

Under the pivot vision of our honorable Prime Minister Narendra Modi, BHIM UPI was launched in 2016. BHIM UPI (Bharat Interface for Money) is a mobile application developed by the National Payments Corporation of India (NPCI). BHIM UPI was made to facilitate e-payments directly via banks and simplify cashless transactions.

The app comes with a three-level authentication system, which makes it a perfectly secure option even for the rural people of India. The biggest advantage of using the BHIM App is that one doesn’t need to remember the banking details. The only requirement here is a virtual payment address of the payee to make a digital transaction. As the app is launched by the Govt of India and is directly linked to bank accounts, BHIM has garnered immense trust from Indians.

BharatPe

Founded by the duo of IIT Delhi, Koladiya and Shahsvat Nakrani in 2017, BharatPe got its third Co-Founder, Ashneer Grover in 2018. When it comes to security, all of BharatPe’s servers are located within the Indian Territory. The platform also adheres to all the regulations proposed under the Information Technology Act, 2000 to protect against the loss or misuse of the information. Secure Sockets Layers (SSL) based encryption is used by BharatPe to monitor the transmission of the information. BharatPe also has appropriate physical, electronic, and managerial procedures to safeguard its users against the loss, and misuse of their information.

Razorpay

Founded in 2014 by Harshil Mathur and Shashank Kumar, Razoryay has also risen to wide acceptance because of its top-notch security. Razorpay works with a bug-bounty program for security researchers to keep all cyber data breaches at bay. The best AWS practices are used to keep the platform’s infrastructure secure. Razorpay is compliant with prominent industry standards such as ISO 27001, PCI DSS, and SOC2. Industry-standard cryptographic algorithms are used to regulate sensitive data. All card data are kept in compliance with PCI-DSS guidelines and RBI regulations to hold the crown of the highest standards of accountability and security.

Google Pay

Next on the list is from the house of Google, Google Pay. Google Pay ensures protection with numerous filters of security and implements one of the world’s most advanced security infrastructures. Even while paying in stores, Google Pay doesn’t disclose any true details of cards and bank accounts. While maintaining even the smallest payments as well, the in-built security system generates an alert message telling that some transactions may be potentially fraudulent.