November 8, 2016, we are talking about the same day, on which no one was convinced that people who have 500 and 1,000 rupee notes are no longer of use, on November 8, 2016, at 8 pm Prime Minister Narendra Modi announced demonetization and 500 and 1,000 rupee notes were discontinued. After this, new notes of 2,000 rupees came into the market, which also sparked rumors that it has a tip. This demonetization gave new birth to digital payment in India. Many apps are on top today due to this demonetization and they are benefiting a lot.
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If a digital wallet/payment app has gained the most benefit of demonetization then it is Paytm. Paytm began to be hacked, for the time being, let us tell you that Paytm was introduced in 2010, but the real identity was given by demonetization. Paytm also offered many types of cashback offers to its consumers, which also benefited people. Paytm was previously just a digital wallet app. Paytm is an Indian company and its founder is Vijay Shekhar.
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Freecharge app was also introduced in 2010 but this app could not get any special benefit of demonetization. Freecharge offered a number of offers for its downloading, including a cashback offer. At present, the condition of freecharge is not very special. Freecharge is also an Indian company like Paytm.
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PhonePe was launched exactly one year before demonetization. PhonePe is a company owned by Flipkart. The founders of this company are Sameer Nigam and Rahul Chari. After Paytm, Freecharge and Mobikwik later came on the market, PhonePe has made a good hold. Today you will get to see PhonePe at every shop and restaurant. PhonePe is also getting support from UPI.
The Bhima app was launched on December 30, 2016, about a month after demonetization. Bhima App is created by the National Payments Corporation of India. It is available in 13 languages and is supported by UPI. Bhima App can be downloaded from the Google Play Store and Apple's App Store.
Google Pay was introduced in India under the name Tej in 2017. But today it is known as Google Pay. Google Pay has made its place in the Indian market in a short time. To attract people, Google Pay used offers such as gifts on invoices and coupons on payments. So far, more than 100 million people have downloaded Google Pay from Play Store.