Want to know about phonepe vs paytm ?
Well you have landed on the right article. Have you observed the sudden inclination of people toward various online payment methods?
The technology has come so far that now you do not need cash in your wallet to do transactions. The introduction of the united payment interface (UPI) has totally changed people’s perspectives as well as ways of working.
Well isn’t it become easier to carry out transactions from wherever you want and at any time? However, having different platforms to carry these transactions can make it seem confusing to choose the right one with the right benefits.
Even though all the platforms are working to provide customers with smooth experiences, which one is better? Is it Paytm or PhonePe? Let us have a look!
Phonepe Vs Paytm
App Name | Click To Sign Up | Banking Charges | Transaction Limit | Ratings |
|---|---|---|---|---|
0 | ₹ 10,000 for wallet | 4.3 | ||
0 | ₹1 lakh for wallet | 4.6 |
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What is PhonePe?
PhonePe is one of the well-known digital payment methods and techniques used. The company headquarters of PhonePe is situated in Bengaluru, Karnataka, India. PhonePe was founded by Sameer Nigam, Rahul Chari, and Burzin Engineer in December 2015
And it is a company owned by Flipkart. Phonepe is used for various reasons based on Unifies Payments Interface (UPI) such as sending as well as receiving money, online mobile recharges, payments at stores, etc.
PhonePe provides zero banking charges to its users. For making Payments through this all you need to do is feel your bank account details and create UPI id for further transactions.
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What is Paytm?
If we think about any financial services company then one of the significant companies striking instantly would be Paytm. Paytm is owned by One97 Communications Limited, headquartered in Noida, Uttar Pradesh. Paytm was founded by Vijay Shekhar Sharma.
Paytm is also one of those apps that have made payment making more accessible for people in different and useful ways through technology.
Same as PhonePe it allows money transfer, bill payments, DTH services, booking tickets, and much more. Paytm is RBI approved which eventually means it is totally safe to use it.
Paytm provides its user with a transaction limit of 1 lakh for UPI bank transfers so it is convenient for people that want to make big amount payments up to 1 lakh.
This was about Paytm and PhonePe in detail. But are you still hanging there thinking about which one is the better payment service? Stay there if yes, we will learn the difference and comparison between both of them to clear our views and find the service you ar̥e looking for.
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phonepe vs paytm | Which Is Better Phonepe Or Paytm
Here is a comparison between Paytm and PhonePe to understand the similarities and differences between both of the methods. Let us go ahead and, earn more about different factors.
The key difference between phonepe and paytm is that with respect to digital wallet " Paytm allows users to add funds to their Paytm Wallet, Paytm Savings Account, while Phonepe only offers the option to top up the wallet "
1. User interface
The first impression you have of something is usually upon how it looks and how it is presented in front of us. It is quite obvious that at the first instant we won't be able to know about the service and get to know if it is good for us or not.
Thus, the user interface of any app matters to develop people’s good perception. It is always important for any online platform to consist of an accessible, smooth, easy-to-understand, and fast user interface without any disruptions in between.
In the case of Paytm and PhonePe -
Paytm - the user interface of Paytm is a bit complicated and not easy to understand. It does not provide a clear sight for users and is quite confusing to understand until and unless you are used to it. It looks concentrated with a small font size which is not preferable.
PhonePe - comparing the user interface of both PhonePe is definitely one step ahead. The app is spacious with a clear understanding of icons and other directions for using it.
This makes the process of payment making more simple and uncomplicated for users.
2. UPI payment facility
The process of making UPI payments is similar in both PayTm as well as PhonePe. But the only difference here is that as compared to PhonePe Paytm has more steps to carry out the transaction.
Thus, it takes more time to complete the process than phonepe. On PhonePe, you can do the same in a few steps by finding the option on the homepage itself.
Payments can be made through IFSC code, account number, and also through choosing the beneficiary. Hence, it is effortless to carry out transactions through PhonePe.
Paytm or Phonepe which is better for Merchant payment
Merchant payment is the payment method used in businesses. Most businesses are switching to online methods rather than taking cash and the whole process of maintaining the cash, returning the changes, etc.
In PhonePe, you can make such payments easily as the QR code is right at the top of the home page of its app. Furthermore, the name of the beneficiary is automatically saved after making the first payment.
Comparatively, in Paytm the QR code is situated at the bottom of the app and it does not save the beneficiary name and user details automatically. For businesses infusing smart paying methods, PhonePe would be more accessible.
4. Recharge
For recharge, phonepe completes in fewer steps than Paytm. In Paytm you need to find and follow different steps to recharge but with PhonePe t is quick without much navigation.
5. Bill payment
Same as recharge, in Paytm, you will need to follow a few steps for bill payment. However, through PhonPe, you can complete the process in one step by clicking on the option to reach directly to the payment page.
6. Cashback
Both the platforms provide you with cashback. It depends on your transactions for getting considerable cashback. It is more likely that your first transaction on any of the apps will give you the highest cashback.
But for Paytm you need to follow certain steps to activate and receive cashback. There is no such thing in PhonePe that you can get the cashback without activating the offer for cashback.
7. Charges
The charges during the fund transfer from your digital wallet to your bank account are applied by both Paytm and phonepe. You cannot escape from not paying these levied charges. Also, the number of charges applied by them on fund transfers is nearly equal.
8. Paytm vs Phonepe (Services)
Paytm and phonepe provides these useful services. But more services are provided by Paytm as compared to phonepe. You can find different services such as booking movie tickets, train tickets, etc in Paytm through a seamless process of payment.
There is wide variation in services provided by both. Both Paytm and phonepe have advantages in services criteria.
9. Account management
PhonePe as discussed earlier has a better interface than Paytm so account management in PhonePe is also more reasonable than Paytm.
Account management usually consists of automatically paying monthly bills, and managing the invoices, credits, deposits, and scheduled payments. Hence, PhonePe has good account management system than Paytm.
Using PhonePe enables you to manage your bills and everything else in a more profitable and convenient way than Paytm.
10. Customer care
Paytm offers one of the most immediate helpline services to its consumers. It has improved its customer care service at a different level and does not lag behind in it. 24/7 help care is provided by Paytm.
Similarly, PhonePe also offers customer service faster. Both of the apps have a help section where you could get answers to most of the queries. Doubts are resolved there through question-answer format on a prior basis.
Conclusion
I hope you liked our article on phonepe vs paytm, if you have any comments or suggestions do share them in the comments below.
As seen above about PhonePe and Paytm it can be clearly observed that PhonePe provides great service in all aspects as compared to Paytm.
Experiencing a smooth and seamless process of payment-making PhonePe will help you. We hope that we solved your confusion and made a clear thought about both platforms. Thus, choose the right platform for your digital payments and stay safe.
Frequently Asked Questions
Q1. Which is the best PhonePe or Paytm or Google pay?
Every platform has its own advantage. Like Paytm and PhonePe, google pay does not offer a wallet system. But google pay has the best user interface as compared to PhonePe and Paytm.
Thus, it depends on your needs and priorities which platform is great for you.
Q2. Which UPI is best?
UPI pf google pay, PhonePe, and Paytm are the best. All of them come among the great methods for online payment. But if you are new we would suggest PhonePe as it consists of an easier user interface.
Security-wise google pay and phone are similar and offer great safety as compared to Paytm.
Q3. Which is the best payment app in India?
One payment app cannot be chosen among the several best apps available for digital payment in India. It is definitely PhonePe, Paytm, and google pay.
These are the top payment apps in India also chosen by users. Every platform has its own pros and cons but overall this app does a good job of providing service.