Whatsapp Payments vs Google Pay vs Paytm vs BHIM UPI

The demonetization policy which banned the currencies of Rs500 and Rs 1000 in India was one of the most important decisions in the history of the country to curb the black money. but due to shortage of cash at that time it opened the doors for various online websites and wallets to encash the opportunity and launch their digital payment services which would encourage the cashless transactions. Thus came the UPI which is known as Unified Payment Interface which revolutionized the market by making banking transactions simple in which one could transfer the money by just tapping on the contact number of the receiver.

Though Indian Government launched Bhim UPI app for this, many big players like paytm, Google, phonepe also launched their UPI payment options in India. Paytm was first to launch the service. Than Google entered the Indian Market in 2017 with Google Tez which was later renamed to Google Pay in 2018. So every big player was eyeing the market, so how could Whatsapp with already more than user base of 400 million remain behind in the race. Whatsapp have rolled out their payment feature in Feb 2019, which is still in the beta version and soon going to be launched it’s final product for all the user.

Hence we will compare all the major payments app here with all the features along with transaction limits they provide to the users.

Whatsapp Payments

Whatsapp Payments is the latest entry in the market. As whatsapp is used by many people across the country, here are the features and benefits of using whatsapp payments.

  • As whatsapp is introducing the payment feature in the current app only, you don’t need to download the separate app for payments, therefore it will available to all users who are currently using whatsapp.
  • It will be easy to do transactions as you don’t have to open separate app and require a VPA address to perform transaction.
  • Whatsapp payment will only provide transaction from one account to another as it will not provide any merchant payments.
  • The app will come only in English language, so the people who don’t know English might find it difficult to use.
  • The transaction limit provided by whatsapp payment app will be Rs5000 per transactions and daily limit will be the limit set by the bank.

Google Pay App

Next on our list is the app launched by tech giant Google combining the UPI services. The features of this app are as follows:

  • First of all you need to download the Google Pay App by visiting the play store on your android device.
  • The app is purely a payments apps as it counterparts whatsapp payments which is a chat app.
  • Google Pay allows peer to peer transactions, transactions to merchants along with providing various features such as mobile recharge, bill pay etc.
  • Google Pay provides you cashback when you refer your friends to the app.
  • The app provides cashback, rewards in the form of scratch cards on doing transactions in which you can win money upto 1 lakh.
  • The daily transaction limit provided by Google Pay app is Rs 1 lakh.
  • One of the features which is the most important one is a multilingual support as the app comes in various local languages which includes English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu thus targeting the local users of the country.
  • You can do a maximum of 20 transactions per day with google pay app.
  • The one more handy feature of Google Pay is that the transactions can be done over via a voice commands of the person is near to you and it’s only app supporting this feature.

Paytm UPI

The Paytm is one of the largest digital payment wallets in India. So it was necessary to them to launch the UPI payment services as they were lagging behind in the market. So the introduced the BHIM UPI payment services on their paytm app. Here are the main features of paytm UPI app:

  • To register into paytm UPI app you need to register with your email address and aadhar card as your account needs to be KYC compliant
  • Paytm does not allow direct transfer into the account. First the money is loaded in paytm wallet and then transferred to other user account.
  • Paytm like google pay also provides cashback and rewards which are loaded in your paytm wallet which can be used during recharges and shopping on paytm mall app.
  • Paytm UPI also provides various services such as recharge, ticket bookings, movies ticket bookings, bill pay and paying the installments of the loans.
  • The daily transaction limit for upi transactions is 1 lakh where as there is no limit on transaction for non UPI transfers
  • You can do daily 20 transactions from paytm UPI.
  • The other main feature of Paytm is it’s customer support which is readily available.

BHIM UPI

After the demonetization first UPI based app as launched by National Payments Corporation of India (NPCI) in December 2016. After it’s launched it revolutionized the digital payments in India and after this companies like google, paytm and phonepe came into force to take on the customer. Here are some of the features of the app:

  • It’s a UPI based app so you can transfer money to any account using the VPA address or UPI id
  • You can scan a bar code provided by receiver to send the payments.
  • You can send up to Rs 20,000 per transaction on BHIM UPI app and Rs 40,000 a day from one bank account.
  • You can also pay bills, recharge etc from the app.
  • The number of transactions in a day through the app is restricted to 10.

As from the above apps, we have seen that every app has some advantages over each other. So you can use the UPI payments app from the above list as per your personal preference. So install your favorite app and enjoy the one tap transactions.

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