WhatsApp Payment, Google Tez or PayTm –Which is The Best UPI App?

Understand the meaning of UPI App, meaning of BHIM app and which is the best UPI App in India - WhatsApp Payment, Google Tez or Paytm Inbox. Find out and get an online loan with instant approval.

Understand the meaning of UPI App, meaning of BHIM app and which is the best UPI App in India - WhatsApp Payment, Google Tez or Paytm Inbox. Find out and get an online loan with instant approval.

Well, when a Loan Singh borrower asks for a favor, I oblige certainly. That’s my job, that’s my mission – To provide an online personal loan to the salaried yet underserved segment. But today’s topic of discussion makes for some interesting reading.

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WhatsApp’s new payments feature was released in February which turned the mobile payments/digital payments competition over its head. Until this, the combatants were Paytm and Google Tez, with other participants being BHIM UPI App, PhonePe App, SBI Pay and more (A detailed look at the ‘best UPI enabled payments/money transfer app’ will be done in due time).

What is United Payments Interface? Are you UPI enabled?

The National Payments Corporation of India (NPCI) has been accused of creating certain exceptions which allowed WhatsApp to launch a payments service in India. As soon as WhatsApp announced this, Paytm CEO, Vijay Sharma was quick to retort that “Facebook was colonizing the payment system in India and customizing UPI architecture for its advantage”. His argument stems from the fact that the non-login feature of WhatsApp makes this an insecure mode of digital payment. Secondly, WhatsApp’s platform blocks access to other UPI based payment platforms, which throws interoperability out of the window.

Understand the meaning of UPI App, meaning of BHIM app and which is the best UPI App in India - WhatsApp Payment, Google Tez or Paytm Inbox. Find out and get an online loan with instant approval.

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A similar hegemony was witnessed in China when Alibaba’s Alipay took over 80% of the Chinese digital payments market share. This hit WeChat (or Tenpay in China) badly. Paytm was the dominant player, until WhatsApp, with close to 250 million users, decided to usurp the Indian digital payment sphere. Luckily, Paytm can somehow stay relevant thanks to its offline payment modes and quirky one-liners “Paytm karo”. Let’s first understand everything about the WhatsApp payment feature and then see how it holds out against Paytm and Google Tez.

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WhatsApp Payment in India

Already possessing a user base of close to 250 million users in India, Facebook-owned WhatsApp recently rolled out a payments feature, which allows a registered user to send and receive money. This was done to ensure hassle-free transactions that could benefit the users.

Now, you cannot just video call, WhatsApp call or forward chain messages to everybody in your contacts, you can actually do monetary transactions thanks to UPI. Rolled out on both Android and iOS, the UPI enabled facility ensures users don’t have to add money to a wallet or make use of debit/credit card for payments. Hike Messenger and Paytm’s Inbox had already tied up with UPI for sending money to friends instantly.

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How does WhatsApp Payment work?

Those users who have used UPI in the past don’t have to link their bank account to a registered mobile number. Ensure your WhatsApp is also installed on the bank-linked mobile device. Despite this, users will need to verify the number using an OTP and also create a 4 digit UPI PIN. This PIN is required to successfully perform transactions. Let’s look at what you need to do in case of new bank account additions.

Step 1 – To add your bank account, go to Settings > Payments > Bank Accounts

Step 2 – Select ‘Add New Account’, read through the T&Cs and click ‘Accept and Continue’

Step 3 – The app will send you an SMS which will be verified by manual entry

Step 4 – Choose the bank account (among the 70+ banks) you want to add for payments

Step 5 – WhatsApp will then auto-fetch your details display your bank details

Step 6 – Set a 4 digit UPI PIN

Now, that the setup of WhatsApp payment is complete, it’s time to send out your first transaction.

  • Click on the Contact you want to transfer money to
  • Select the paperclip icon on the top right-hand side
  • From the selection menu, click on ‘Payment’ tab
  • Next, enter the amount you want to transfer
  • Confirm the payment using the UPI PIN
  • Instantly, the amount is transferred

Vice versa, when you receive a payment via WhatsApp, you will be notified of the payment made by the sender as a WhatsApp chat. WhatsApp lets you see all the payment history with the help of logs. You can add multiple bank accounts, even marking banks as the favorite or secondary preference of payment.

Together with UPI, WhatsApp Payment feature follows the peer to peer transfer mode. Yours truly, Loan Singh, was a pioneer former peer to peer lending platform. Loan Singh now is a digital lending solution wherein everything from loan application to disbursement happens digitally.  WhatsApp Payment, however cannot be used for making merchant payments towards online shopping. Both the sender and receiver must have WhatsApp installed on their smartphone. The registered mobile number must be the same as the number linked to the bank account.

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Paytm’s Inbox

Paytm’s UPI payment option is available inside their messenger service – Inbox. The app allows its users to chat with friends and make payments. All you need to do is open a chat window with a friend on the contacts list, tap the Rupee icon at the bottom of the window and select UPI as a payment option. But for this to work, the user needs to integrate his/her bank account with BHIM UPI first. Inbox can be used to make payments to merchants as well. You can also make payments on Paytm by entering the receiver’s Aadhaar number or by generating a QR code. WhatsApp is yet to get the Aadhaar aspect into its payment feature.

What is BHIM? How is it enabling/facilitating digital payments in India?

Google’s Tez

Not a conventional payment app, Tez is more of a messenger service. Their payment section can be accessed through their homepage itself where users can make payments to users on their Google contacts. Tez is also used to make online telecom recharges, pay your electricity bills using a UPI ID, DTH recharges and movie ticket purchases. Tez’ ‘Cash mode’ is a unique feature that allows its users to pair their Tez installed smartphones with nearby users through audio commands, subsequently make payments as well. Tez allows users to send money to anyone who owns a bank account, even if the Tez app is not installed on their smartphone. WhatsApp does not have this feature yet. Paytm surprisingly allows outside app UPI payments to anyone.

5 Common UPI Apps in India

BHIM UPI App

  • Available on both – Google Play Store and Apple iTunes
  • Developed and released by NPCI
  • Simplest and fastest among the available UPI apps
  • Great user experience in accessing services such as Send & Request money, change UPI PIN, generate QR codes, etc.

SBI Pay

  • Available on both Google Play Store and Apple iTunes
  • Secure and easy to use
  • Transactions can be completed in 3-4 steps
  • Features contain balance inquiry, change of UPI pin, send & request money

Axis Pay

  • Available on both Google Play Store and Apple iTunes
  • Perhaps the cleanest interface out of all the UPI apps
  • Only Send money and Request money options show up on the home screen
  • Security provided via a 6-digit app password
  • 5 steps are involved for sending money

PhonePe App

  • Available on both Google Play Store and Apple iTunes
  • PhonePe app not only acts as a UPI app, but also as a mobile wallet
  • It has a smooth and clean interface
  • Allows transaction-related services such as Send & Request money, change UPI Pin, etc.
  • PhonePe app also allows payment of bills
  • Available in 8 languages

eMpower App

  • Available on both Google Play Store and Apple iTunes
  • Good interface with a feature to upload customer picture
  • Allows sending money via virtual payment address, and also via Aadhaar.
  • A slower app compared to the others, with multiple authorization steps

Loan Singh is a digital lending platform that prides in providing unsecured online loan to salaried individuals. You can apply for instant funds with instant approval. An easy emergency loan can be availed in the form of a personal loan, which is not a bank loan. You receive a low personal loan interest rate. This instant loan, which is basically a quick loan, can be paid via easy EMI and can be availed for a number of loan purposes such as:

You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Blog’ is one of the best finance blogs in India.

Loan Singh’s Online Presence

Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. Some destinations you can find us on are:

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Understand the meaning of UPI App, meaning of BHIM app and which is the best UPI App in India - WhatsApp Payment, Google Tez or Paytm Inbox. Find out and get an online loan with instant approval.

 

 

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