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Google Pay, BHIM or PhonePe – Merits V/s Demerits

The digital sector in India is pretty volatile owing to the innumerable changes UPI payments have changed the way transactions were earlier handled. It is quite likely that it is capable of taking a superior position out of all the payment methods. This is also in replacement of cash which was always liked by individuals more. Most app stores have several payment apps. However, people like the ones that already stand established in the market.

In this blog, we will focus more on the most popular payment apps. Any of the apps can be used as per convenience. Let’s see through an example, if you have the money into any bank account, then the same can be utilized for any payment app like SBI Pay, BHIM, Tez or any other UPI app. UPI apps are not related to banks in any way hence it’s a worry-less affair!  

Let’s quickly got through the best payment apps, today:

  1. Google Pay (Tez) –This app entered the market little late. However, it covered a huge chunk in the market share. Users are liking it a lot due to the fabulous reward program. The entire interface is really user-friendly and smooth in usage. In the beginning, it was tagged with just 4 banks but now every bank that supports BHIM UPI is also live with Tez. All backend processes are nicely coordinated with any bank. Google has also listed the bill payments under Tez category.

This app also governs the Cash Mode. Under this option, it’s extremely easy to transfer money to a person settled nearby. The money is transferred simply on the sound waves technology.  Also, the Google PIN, phones default PIN and fingerprints help secure your money. Security of the app is the last thing you should think about right now.

        2. BHIM UPI– The payment app is also built by NPCI. It is the easiest App available anywhere and to be downloaded. Everything is easily available at an instant.  Also, you can complete a transaction or change the bank within no time at all.  The interface experience is just awesome. All utility bills can be paid using the app only. It is easy and way too secure! All services may or may not be available online but are eventually getting incorporated.  

Of course, BHIM UPI is very closely created with UPI features including transferring money, setting the PIN, scanning the codes, etc. Although the App performs smoothly most of the times, there are lean times too.

          3. PhonePe – PhonePe is another UPI App. It has several cashbacks and offers available on the App. Infact it supports UPI ID, phone number and IFSC. The newer versions are further making the payment transactions faster. The interface is very useful and attractive. Even the first time users can conveniently use it with UPI. Switching between accounts is made easy with PhonePe.  

Earlier you had to choose the account from which the payment was decided to be done. One can directly choose the account and make as many payments as wanted. The entire list flashes before you once the PhonePe app is opened.  

Read More: The Development of Mobile Banking in India

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