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Now there has been quite a buzz going around lately ever since Google displayed its interest in cashing on from the growing demand for e-payments. Enterprise application development companies have endless payment gateway options to explore but if we consider the point of view of the users, do they really need to have so many e-wallet options installed on their smartphones?? And we can get an instant response to this question which is a BIG NO.

Yet, if we have a glimpse of the situation unbiasedly, we will not be able to ignore the myriad opportunities mobile technology has to offer. Who said your smartphone will not support more than one e-wallet? Also, the payment gateway market is a highly lucrative one enticing the tech giants as well as the top mobile app development companies to come and exploit as they please. Hence concluding on the fact that more than one e-wallet companies will not survive is definitely a reflection of biased judgments.

So long the Indian Market has been ruled by Paytm. But this is not about India only. The debate is between Google Tez and Paytm in general and to analyze the pros and cons of either of them to decide which one is worthwhile to install?

Before that, let’s do a background check of Google Tez and Paytm

Google Tez is a digital payment service offered by the search engine guru for the Indians to facilitate a simple and fast method of sending and receiving payments.

Paytm, on the other hand, continue to be regarded as the most popular mobile wallets in India, having carved out a position as the most reliable and conservative service provider for itself over the last few years with myriad services lying in its kitty to offer.

Having cleared your memory on these two popular e-wallet services, it’s time to have a comparative analysis of Google Tez and Paytm

  • Bank account links

The major point of argument favorable for Google Tez is that it is making use of bank accounts to initiate payments via smartphones, unlike the other e-wallet applications. Facilitate UPI based payments to those major banks that offer UPI services such as ICICI, Axis, State Bank of India, HDFC etc. cutting out the need to install an e-wallet. But there is a limit to the amount and number of transactions made in a day which exceeds not more than 1 lakh amount or 20 transactions.

  • Business owners

More so, Google Tez is offering a completely separate application for business owners where the limit is drawn at 50,000 rupees a month with UPI but will be chargeable once the limit has been crossed over. But of course, Paytm does have this option folded in its kitty. Paytm for the business app is designed for merchants and business partners where the parties in concern can easily track payments made by their customers and easily navigate past collections and relative details seamlessly.

  • Minimal need to install Tez app for transaction

Now going back to Tez, there is another argument in its favor and that is easy payments with the application is possible even if the receiver did not install the same in his/her phone but has a valid UPI address.  All is required is to just add the address of the person’s UPI and make the payment. This is something apps like Paytm wallet has not yet thought of.

  • Security

Another area where Tez scored is security. Safeguarding users financial details must be utmost concern of these mobile developers engaged in such wallet apps development process. Google has ensured security to its Tez users through “Tez shield”, which is a multilayered security feature to protect app stored data. Paytm fails to establish the link with bank accounts and no extra security protection such as fingerprints or pattern locks apart from a mere OTP verifications.

  • Alternate modes of digital payments

Tez gives its users two digital payment modes: cash and payment. The app facilitates payment and or receipt of money from persons concerned without asking for the parties contact or bank account numbers. No need to keep money in the wallet as well. This is something mobile application developers involved with Paytm and others never thought of.

Apart from the mentioned crucial points, there are others that are equally worth mentioning such as Multilingual support and Tez scratch cards to offer rewards and partake in lucky draws.

Time to pen down the final thoughts

Coming to a conclusive statement from the mentioned arguments can be quite a hefty task and definitely require the intellectual analysis of some big economists or financial critics. But if I have to Penn down my layman opinions, my vote will not go for either of the two but rather for both of them. Paytm houses one major advantage and i.e the perfect time to market penetration wherein Google carries forward its reputation. Disregarding the minute differences, both are equally reliable for integration into rendering enterprise mobility solutions. Fluper like other Top-rated mobile application development companies can make use of both or either payment gateways into their designed mCommerce applications to offer a safe and secure platform for conducting money transactions. And if they at all plan on entering the very e-wallet market, then it is advisable to come up with an alternative to already existing ideas in order to penetrate the already competitive market.

Vinay Kumar
Author

Being a Web Tech Lead and with a relevant experience, Vinay Kumar has gained the art of team and project handling to get the best out of them. During his career, he never stops learning new things. Talking about his interest, he is currently exploring innovative technologies that can bring transformation to businesses.

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