Paytm vs Google Pay – Which one is better?

How about you are hungry and google will feed you food? Check around you, how many things or places you can find on google? Google is going all the way to becoming an integral part of our life. In the Indian payment industry, right now Paytm is the leader with the highest market share. But with the launch of Google pay, paytm may have a tough time ahead because Google Pay is backed with the bog brand name of none other than the daddy Google. Let’s compare Paytm vs Google Pay on various features they are providing and check which one is going to be ahead in the Indian payment industry.

After demonetization and Prime Minister Mr. Narendra Modi’s drive for digital India, there is a huge jump in the digital transactions. Google doesn’t want to leave behind in the race. So it has launched its digital payment app called Tez in September 2017. Since then it has captured a good number of subscribers on its platform.

Till now, paytm is the most trusted and used app for doing mobile recharge to paying school fees of your child. Google Pay, on the other hand, is the new entrant in the digital payment space. Both the app is using the UPI platform for transferring pear to pear payments.

While for the bill payment and ticket booking, Paytm has the direct tie-up with the vendors. Google Pay is relying on the platform called Bharat BillPay for bill payments.

Indian digital industry is going to touch one trillion dollars by 2025. With the launch of Google Pay, the search giant Google is wanting its share in the digital payments market in India. Most of us are using Paytm for our day-to-day transactions like mobile recharge and bill payments. Google Pay has some distinct advantages over Paytm that we will see in this article. Let’s compare Paytm vs Google Pay and see who is the winner.

Paytm vs Google Pay

Let’s run through the features of both the apps and check which one is better for you.

KYC Compliance

KYC is a onetime process require and mandatory by RBI for doing money transfer from one account to another account. For using Paytm for money transfer, you need to do KYC (know your customer). While on the other hand, for using Google Pay for money transfer you don’t need to do KYC. You just have to link your bank account with the app and you are good to go.

Score: Paytm : 0 Google Pay : 1

Cashback and Rewards

Both the app are giving cash back for doing transactions through their app. But Google Pay is giving a higher amount of cash back and rewards as compare to Paytm. It is the marketing strategy of the Google Pay to promote the app and gaining maximum subscriber base.

Score: Paytm : 0 Google Pay : 1

Ease of doing a transaction

For making any bill payment and mobile recharge via Paytm, you need to enter the mobile number and account no. of the service providers. So you need to remember all your account number and mobile number all the time. While for doing same with Google Pay, you just have to link the mobile number and account numbers once. The app will link the account numbers for that service provider and next time when you want to do mobile recharge or make payments, it automatically fetches the billing data from the vendor and you just have to click to make the payment.

Score: Paytm : 0 Google Pay : 1

Direct from a bank account

Google pay has a clear advantage here. It is not storing your money on its app under any wallet. Any transaction you do through Google Pay is directly from your bank account. So you don’t have to store money into any kind of wallet. This way your money is secure in your bank account and you will gain an interest on that money.

For using Paytm for money transfer, you need to first transfer the money into its wallet and then you can transfer that to someone else.

Score: Paytm : 0 Google Pay : 1

Pay through Credit Card

Well here Paytm has an advantage over Google Pay. It allows you to pay your bills and mobile recharge via credit card. For Google Pay, you don’t have an option to pay through credit cards. So if you are running out of cash and your bill is due, you can pay the same via Paytm using a credit card. So Paytm can be a life saver especially when you don’t have cash in your bank account.

Score: Paytm : 1 Google Pay : 0

Multi-Lingual support

Google Pay comes with the major Indian languages like English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, Telugu. This will help the users to understand the app in their native language. It is obvious that this will give it more hits. Paytm doesn’t support multi-lingual in its app.

Score: Paytm : 0 Google Pay : 1

Paytm vs Google Pay – Who is going to win?

In India, Paytm is dominant in the online payments platforms. It has 320 million monthly active users as of July 2018. While if you look at the internet giant Google who virtually owns the entire internet base of India. As per Google, there are 390 million monthly users in India. So it is easy for Google Pay to capture the market share of Indian online payments.

Moreover, Google Pay is adding more and more partners for online integrations like BookMyShow, RedBus, Uber and all mobile operators.

There is a lot more coming up with Google Pay app like a personal loan and insurance policy.

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