The payment industry has undergone significant changes, with more and more Indians switching to digital payment systems. For the last two decades, Point of Sales (PoS) machines have been a standard fixture at tiny business premises. Mobile wallets are quickly catching up today, with a rise in mobile internet access and the move to cashless payment systems.

These are quickly surpassing credit or debit cards and are steadily replacing conventional payment types, also known as mobile payment apps. Here, in this guide, let us look at the top mobile payment applications that are ideally suited to the needs of small business owners.

As an owner, you need to give your customers the most convenient payment methodologies. It is not the safest way to focus on just conventional payment methodologies like cash or PoS machines. When your customers move to digital payment applications, you must follow these new-age payment methods.

Following are the payment apps to consider for your small business.

• BHIM: BHIM is a mobile payment app that is backed by the government of India. It depends on the Unified Payment Interface (UPI). You can register for a UPI ID for your bank account once you download and install this app on your Android or iPhone if you do not already have one. You can use this UPI pin, which is credited directly to your bank account, to collect clients' payments.
• Google Pay: Formerly known as Tez, it is a Google digital payment utility. In September 2017, it was re-branded and was identical to the BHIM application. It works across all UPI-supporting bank accounts. You must connect to your bank account once you download and update the app. When your bank account is linked, you can go for bill pay from customers.
• PayTM: It is the most successful Indian mobile payment app. It functions on a semi-closed model that began in 2010. Using the QR code, clients can conveniently load money into their PayTM mobile wallet and pay
• PayZapp by HDFC Bank: It is another bank-powered mobile payment service. The PayZapp app is top-rated by customers, thanks to the success of the HDFC bank. As an incentive for users to use the app, it provides various cashback and discounts.
• Freecharge: It is another common mobile payment app and offers customers generous cashback and discounts for additional purchases. As a business owner, you can link the Freecharge app to multiple bank accounts. Axis Bank recently purchased the Fintech startup.

As an owner, you need to remain on top of trends to provide customers with the best service. With digital payments revolutionising how money is sent and received, providing your customers with a smooth, convenient mobile payment alternative is a must. Compare the features of the seven mobile payment apps listed in this guide and choose the best one that gives you the most convenience.