BHIM and Paytm let users send and receive money but also pay utility bills, recharge metro cards, book tickets for the train, flight, and movies through these apps. With the increase of digital transactions in day-to-day life, it comes as no surprise that big brands, as well as startups, are working on digital payment applications and mobile wallets. Let’s start BHIM vs Paytm – Which Should you Opt for?
App Preview: BHIM – MAKING INDIA CASHLESS
Download: Google Play Store
Size: 62 MB
App Preview: Paytm -UPI, Money Transfer, Recharge, Bill Payment
Download: Google Play Store
Size: 54 MB
Introduction: BHIM and Paytm
BHIM: Bharat Interface for Money, in short BHIM, is a Mobile App developed by the National Payments Corporation of India based on the Unified Payment Interface, which is a payment system that allows you to transfer money between any two parties and also it is standardized across banks; which translates into, one can initiate a bank account transfer in a few clicks. The new features in BHIM also allow users to access mobile numbers in their contact book to send money and also save payment addresses for future use.
Paytm: It is India’s #1 Payment App, trusted by 45 Crore+ Indians. You can download the Paytm app for bank-to-bank money transfer via BHIM UPI & instantly pay at shops & at online websites/apps like IRCTC, Flipkart, Uber, Zomato, and Swiggy. The main services of Paytm include bill payment for mobile, DTH services, and online purchase. Paytm has now evolved as a sophisticated mobile payment application with recorded 250M+ users in the past 8 years and a capacity of 5000 transactions per second.
User Interface: BHIM vs Paytm
Let’s talk about the interface of both BHIM and Paytm.
BHIM: “The BHIM app offers a very simple user interface and most importantly it enables users to create a VPA with a verified mobile number. For example, with BHIM you can get a VPA like ‘9900000000@UPI’.” “In reality, the BHIM app is an improved version of the existing bank UPI apps. The BHIM app offers the ease that other mobile wallets offer. This is something which existing UPI bank apps do not.”
Paytm: On Paytm’s home page icons are on the down the page. So, you have to give some time to find out your required icon in Paytm. Paytm has more services than BHIM, like Paytm Mall.
When it comes to interface, you can’t go wrong with either one. Both BHIM and Paytm are easy to use and have a clean and intuitive interface but still, if you ask me then I will choose BHIM.
Features: BHIM vs Paytm
◼️ Features Of BHIM
1. Send Money: Users can send money using a Virtual Payment Address (VPA), a combination of Account Number, and IFSC or even by scanning QR code.
2. Request Money: Users can initiate a collect request by entering VPA. In addition, collect request can be sent even if the other party is registered with BHIM. However, it is mandatory that both the parties’ mobile number is linked with the bank account.
3. Scan and Pay: Customers can scan the QR code through the ‘Scan and Pay’ feature to make payments. You can also generate QR code on the app to receive payments.
4. Transactions: Users can check their transaction history in this section. The pending UPI will be highlighted so that you can approve or reject the requests. If you have a complaint pertaining to a transaction, you can report it.
5. Profile: Users can view the static QR code and payment addresses created. The QR code found here can be downloaded as well as shared via various messenger applications such as WhatsApp and email.
6. Transaction: You can check all transactions i.e. the transactions which had success, failure, approved, declined, expired & pending etc.
7. Bank Account: Users can check the details of the bank account linked with the app with this feature. Customers can set and change the UPI PIN. You can also change the bank account linked with the app by choosing the ‘Change Account’ option. The account balance can also be viewed here.
8. Choose Language: You can choose any language i.e. English, Hindi, Guajarati, Punjabi, Marathi, Tamil, Telugu, Malayalam, Bengali, Oddia, Kannada and Assamese.
9: Payment Reminder: You can set any payment reminder.
◼️ Features Of Paytm
1. Send Money: You can send money from Paytm wallet to any Paytm users or you can also send money to any Virtual Payment Address (VPA), a combination of Account Number, and IFSC or even by scanning QR code.
2. Scan and Pay: Customers can scan the QR code through the ‘Scan and Pay’ feature to make payments. You can also generate QR code on the app to receive payments.
3. Mobile Recharge: Paytm provides the mobile recharge facility from the earlier stage. So, it is the primary services of the Paytm. You can recharge any mobile number with any amount at your convenience 24 X 7. Also, you can browse the various plans of each telecom company.
4. Bill Payments: You can pay different types of bill as well like, Postpaid Mobile bill, Electricity bills, DTH, Cable TV, Water Tax, Gas, Data Card, Landline, Broadband, House Tax, Credit Card Bill etc.
5. Digital Gold: You can also buy the Digital Gold through the Paytm. However, it is the responsibility of MMTC-PAMP and AUGMONT to sell and keep your gold.
6. Financial Investment: Paytm also gives various financial services like: You can pay your loan EMI to your lender, You can invest in Mutual Funds / SIP through Paytm Money, You can make a Fixed Deposit in Paytm with a 7.50% interest rate, You can pay the life insurance/health insurance premium and many more.
7. Movie Tickets: You can book the tickets with offers at your convenient show time and seats. Also, you can see the preview of the movie, can read the synopsis of the movie.
8. Travel Tickets: you can book Train Tickets, Bus Tickets and Flights (national and international). Also, you can book Hotels or Metro Tickets. Moreover, you can see your previous bookings under the ‘My Bookings’ section.
Main Difference Between BHIM and Paytm
BHIM app acts as a gateway to transfer payment or funds from one bank account to another. Does same work as that of NEFT in very digital manner. NEFT takes time and charges, BHIM UPI is quick and free(currently). So by BHIM you can exhange funds from any bank account of any branch to any other bank account of same or different bank.
Paytm is a digital wallet. You can store money in paytm and use it for utility purposes like recharge,bills, toll, for payment at shop by scanning QR. You cannot store money on BHIM.
BHIM vs Paytm: Pros & Cons
◼️ Pros of BHIM
1. Convenient to use.
2. Easy to Set-up.
3. Greater transaction limit as compared to wallet apps.
◼️ Cons of BHIM
1. No dedicated customer support.
◼️ Pros of Paytm
1. Making monthly bill payments for electricity, water, internet, etc.
2. Booking flight, train, bus, cab, hotel tickets.
3. Secured payments with 128-bit encryption.
4. Transferring money instantly.
◼️ Cons of Paytm
1. Customer support is not up to the expectation
BHIM vs Paytm: Verdict
According to my comparison, you can see that somewhere Paytm is better while in some cases, BHIM is better to use. Overall, Paytm is a superior service. In the end, I would like to suggest Paytm to everyone due to its secure and easy interface for the users also it is having more services than BHIM. You can use it for sending and receiving money from your family members or friends. If you haven’t used this app, then you should download it right now. Do share your thoughts on this mobile payment battle between BHIM and Paytm in the comments below. That’s all!
So if you’re still confused regarding which one to go with, test them out both first to see which one you like better.
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