The online payment platform comes with several facilities and benefits that help users to make smooth and fast payments. Some of these platforms provide simple money access wallets and others provide banking payments without any extensive and complicated process.
With the expansion of the Unified Payments Interface, the battle over digital payments has narrowed down to 3 major players: Google Pay, PhonePe, and Paytm. In the month of February 2021, the National Payments Corporation of India (NPCI) recorded the total Unified Payments Interface (UPI) transactions in India at 2.29 billion as compared to 2.30 billion in January. Paytm achieved over 1.2 billion monthly transactions. Paytm has the highest market share in offline merchant payments with 15 percent month-on-month growth. Whereas, PhonePe in its quarterly report (Q2 2021) stated that the company clocked over 3.94 billion transactions on its platform, with a total payment value of over Rs 7.47 lakh crore. E-wallets such as Paytm and PhonePe were saviors for Indians after demonetization took place in November 2016.
Paytm
Paytm is at present available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code.[4] As of 2020, Paytm is valued at US$16 billion, building it one of the highest-valued fintech companies in the world.
Some features of Paytm are-
• Zero banking charges
• Transaction limit of INR 1 lakh for wallet along with UPI bank transfer
• RBI-approved safe and secure digital wallet
• The payments bank, ticket booking (for trains, buses, flights, and movies), and UPI payments
PhonePe
The PhonePe app is accessible in 11 Indian languages. Using PhonePe, users can send and receive money, recharge mobile, DTH, and data cards, make utility payments, pay at shops, invest in tax-saving funds, and liquid Funds, and buy insurance, mutual funds, gold, and silver. In addition, PhonePe also allows users to book their Uber rides, pay for Redbus tickets, and book flights and hotels on Goibibo through the Switch platform. In 2018, PhonePe also became the fastest Indian payment app to get a 5 crore badge on the Google Play Store. The PhonePe app overtook BHIM to become known as the market leader in UPI transactions in August 2017.
Some features of PhonePe are:
- Zero banking charges
- UPI transactions
- Bill payments, DTH recharge, and ticket bookings
- The transaction limit is INR 10,000 for wallet and INR 1 lakh for UPI
Paytm Vs PhonePe- Comparison
Interface:
The user interface of an online platform must be smooth, clear, easy, and fast. Things like complicated or slow or disruptions might make the experience of the users dull or even unsatisfactory. The Paytm online payment platform is a bit concentrated and its outlook is not much clear as compared to the PhonePe application. In the case of user interface the PhonePe platform is slightly better than Paytm as the platform is incredibly spacious. The platform provides a clear and smooth experience to its users and makes the process of payments simple.
UPI Payments Facility-
Paytm online payment platform also facilitates UPI payments however the process to make UPI payments on Paytm is long and slightly complicated. The Process to make UPI payments has comparatively more steps and takes a long time to transfer money to the beneficiary. PhonePe enables its users to make direct payments to the other users that are in their contacts, UPI id, and more. The users can also make payments with the help of bank account details such as IFSC code, bank account no., and more. Basically, PhonePe helps its users to make bank payments from one account to another account with just one tap.
Cashback-
Which app gives more cashback Paytm or PhonePe? Both digital payment apps give cashback benefits on your payments. As to which one gives more cashback depends on the circumstance. Your first transaction on either app is likely to give you the highest reward. PhonePe provides cashback on transactions without having to activate some offer. When using Paytm, you need to activate an offer to get the cashback.
Useful Services (Travel Tickets, Movie, Train Status, etc.)-
Paytm offers more services than PhonePe. Just look at the enormity of Paytm Mall! And then there’s the seamless experience of availing services such as movie bookings, etc. Paytm beats PhonePe in some services, whereas PhonePe leads in others. Movie tickets can be easily booked on Paytm. But booking train tickets and checking train status is easier on PhonePe.
Customer Care-
Both Paytm and PhonePe offer dedicated customer service helplines. PhonePe’s ‘help section’ is extensive and covers nearly every imaginable query. Most of your doubts can be resolved by the help section. You can also contact PhonePe representatives and expect a reply within 24 hours. Paytm does not lag behind this aspect. Its 24X7 help desk has improved significantly over time and is at par with some of the best help desks in the world.
Also, Check Out –
PhonePe, Paytm to launch UPI Lite for smaller epayments
WhatsApp Receives NPCI Approval to Expand Indian Payments Service to 100 Million Users
