Which is The Best Digital Payment App : Tez Vs BHIM Vs Phone Pe Vs Paytm

Which is The Best Digital Payment App  : Tez Vs BHIM Vs Phone Pe Vs Paytm

  Tez is powered by the Indian government supported Unified Payments Interface (UPI). The “cash” mode feature in the Tez app lets users send and receive payment to the nearby users with Tez installed on their smartphone. There is no need for bank account details or phone number. This technology is Google’s proprietary and uses Audio QR (AQR) ultrasound technique that helps in pairing the phones. For Google Tez, the competitor is the cash currency. And the objective of this app is to encourage digital payment and make it simple and secure.

 Newly added Google Tez, Paytm, PhonePe, and BHIM application.,all of them have some special features, all these apps are made for easy transactions using your smartphone.

The new digital payment app developed by Google called “Tez” was launched on 18th September. The app has lot of new features which makes it stand out from the existing digital wallet apps in the already existing crowded payments app such as Paytm, BHIM, Mobikwik, PhonePe and others which have been encouraging digital transactions in India.

 Bhim : 
 In January this year, the  government launched (Bharat  Interface for Mobile) BHIM app  that works on Unified  Payments Interface (UPI) -a  system that powers multiple  bank banking features  accounts into a single mobile  application (of any participating bank) and merges their several features. Here, unlike mobile wallets, the transactions are directly linked to bank accounts and doesn't require loading any money and therefore continue to earn interest on the money kept in the bank. So, you don't lose the interest earned on the money by the bank by keeping it. All the payer and recipient need are bank accounts, of their own connected to the UPI, and should possess a virtual payment address. To make the payment, you can use the virtual payment address of the recipient. The recipient also needs not be on BHIM app. A bank account is all that is needed to receive the payment.

 Google Tez:

 This is the latest  entrant in the mobile  payment space. While  this is lot like Bhim app and directly links to over 50 banks in India including ICICI Bank, State Bank of India and HDFC Bank. It also allows you to transfer money in more ways than one. So while you can pay entering the virtual id or UPI id of the recipient without storing money on the app, it is also possible to transfer money using the camera to scan a QR code, or by entering the phone number of the recipient. Then there is 'Cash Mode' that allows quick transfer of money with nearby Tez users using technology that uses sound to pair your device with another nearby device. It therefore doesn't necessitate a bank account number or phone number. The app is available in number of languages including English, Hindi, Bengali, Kannada, Tamil, Gujarati, Marathi, and Telugu and is available on Android as well as iOS.

 Paytm:

 Paytm has an  extensive array of utility  payment options and a shopping portfolio, which makes is a bit cumbersome to navigate.

On the screen it may look a bit clustered, but one gets use to it in due course of time.

One of the seasoned players in mobile payments market, Paytm can make transactions using a mobile wallet, credit/debit cards, and UPI. Paytm has even added a recent feature where you receive cashback in form of Gold, which is securely stored by Paytm only.

 PhonePe:

 A more recent player to  the mobile  payments platform,  PhonePe is a UPI based app to provide cashless transactions. The app allows you to transact using the PhonePe wallet, Credit/Debit card, or UPI. You can pay bills and do recharges on PhonePe, just like Paytm.

Wallet Type:

To start with, let us know what types of Payment Platforms these apps have to offer. Starting with Google Tez, the app has a simple UI and offers payment through UPI only. You can send or receive money using UPI with Google Tez. Both Paytm and PhonePe offer mobile wallet service, credit/debit card payment option, and UPI.

Payment Support :

There are various modes of payments that can be used on mobile platforms. While not all of the applications support all modes, these apps are basically aimed at integration and ease of payment, keeping the medium as universal as possible.

Firstly, UPI is supported in Google Tez, Paytm, PhonePe, and BHIM app. While Google Tez utilizes UPI to offer Nearby Payment option, BHIM app gives you offline support to make transactions using UPI even without the internet.

The second payment method is a mobile wallet. Paytm as well as PhonePe offer you mobile wallet services. You can top-up your Paytm or PhonePe wallets using your credit/debit card or UPI. These wallets can be used for a quick transaction by scanning QR Codes, or online shopping. Paytm even has a full-fledged online shopping platform named Paytm Mall for extended wallet usage.

You can save your credit/debit cards on Paytm and PhonePe for faster checkouts. Google Tez and BHIM, on the other hand, keep you connected via UPI so you’re carrying a virtual debit card with you always. While Bill Payment and recharge options are easily accessible on Paytm and PhonePe, Google Tez does not support online bill payment.

Cashback and Rewards :

One of the benefits of using mobile payment platforms are the attractive rewards and cashback. Talking about Google Tez first, it converts your bank account into an easy mobile wallet service. Cashback and Reward cash on Google Tez is added directly to your bank account, so you can use it anywhere you want.

Paytm, on the other hand, adds cashback and rewards to your Paytm wallet only. So you cannot use your rewards beyond the places where Paytm is accepted. Anyhow, you can convert your cashback amount to Gold with Paytm, which is good. PhonePe cashback is also limited to your PhonePe wallet only. It does not get transferred to your bank account.

Lastly, all the applications that are listed here support multiple languages so you are not limited by English or Hindi as the only languages. Multilingual apps make localization of mobile platforms easy and more accessible.

Final Verdict :

While all these Mobile Payment platforms offer some unique features, they’re fit for usage by different audiences. While BHIM makes it easier for you to make payments without an internet connection, Google Tez is a secure way to use UPI for quick nearby payments.

Paytm and PhonePe are full-fledged wallets and integrate multiple functions in them. The only drawback with Paytm and PhonePe wallets is that they come with monthly limits of Rs. 20,000 (for Paytm, you can have eKYC done to increase the limit to Rs. 1,00,000). However, for PhonePe, the UPI limits are similar to those of BHIM and other UPI apps.

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