When comparing Paytm and BHIM, it is important to note that both are digital payment platforms in India. Paytm was launched in 2010. This payment app offers a variety of services, including bill payments, mobile recharges, and online shopping. In 2016, BHIM was launched.
The app is backed by the government and enables users to make payments directly from their bank accounts. Although both platforms are popular, Paytm has a larger user base and provides a more extensive selection of services. However, BHIM is known for its simplicity and security.
When it comes to deciding between the two options, it all boils down to personal preferences and requirements. Each option has its own set of advantages and disadvantages, and it’s important to weigh them carefully before making a decision. Ultimately, the choice should be based on what works best for the individual in question. Let us now dive into the details of these apps and compare their features to know which one is better.
What Is BHIM UPI?
BHIM is a payment app that enables quick and easy transactions using UPI. It allows for direct bank payments to anyone on UPI, either by using their UPI ID or by scanning their QR code. Additionally, you can request money from a UPI ID through the app. BHIM is a payment solution that can be used without internet.
To access BHIM, simply dial *99# from any phone. To access all the features of BHIM on your mobile device, simply download the app and follow the prompts to set it up. Once installed, you can easily send and receive money, pay bills, and make transactions with just a few taps on your screen. BHIM is a secure and reliable way to manage your finances on the go. Additionally, you can register for BHIM using *99#.
What Is Paytm?
Paytm is an e-commerce website based in Noida, Uttar Pradesh, India. The name Paytm stands for “Pay through Mobile.” Originally focused on mobile recharge and utility bill payments, it has now expanded to become a full marketplace with approximately 100 million registered users.
Paytm is a mobile payment service provider that offers various payment options to consumers and merchants. These options include QR code, point of sale, and online payment gateway. Additionally, Paytm has partnered with financial institutions to provide financial services such as microloans and buy now, pay later to its customers and merchants.
Which Is Better: BHIM or Paytm?
The BHIM app is built on the Unified Payment Interface (UPI), which makes it a great option for transferring funds from one account to another. On the other hand, Paytm is currently a mobile wallet, which makes it ideal for paying for various services such as mobile recharge, electricity bill payment, and more.
Paytm is set to become a payment bank in the near future. This means that users will be able to enjoy the benefits of the BHIM app as well as the unique features of Paytm, all in one. So while comparing between BHIM and Paytm, we can say that BHIM is a better way for cashless transactions than Paytm. Let us discuss the reasons behind the success of BHIM in detail:
A Single Account for All Cashless Payments
BHIM is a platform that combines the power of UPI and USSD to provide users with a single platform for all their cashless needs. It allows users with bank accounts in multiple UPI-enabled banks to converge all their banking activities and conduct cashless transactions without any hassles. The single UPI payment address ensures the protection of personal details and identity. BHIM directly connects bank accounts with a safe platform, saving users time and the hassle of maintaining multiple wallets.
No Internet Connection Is Required
BHIM is a masterstroke in the world of cashless transactions as it can be used without the internet. The *99# program, which is supported by BHIM, is a deal-clincher as it enables cashless transactions without the need for an internet connection. While Paytm also offers internet-less cashless transactions, it is not as robust since the internet is required to link bank accounts and infuse funds. With BHIM, even non-smartphone users can transact easily from the beginning.
Easy Fingerprint-Based Transactions
BHIM offers a stupendous advantage to its users that Paytm does not. By connecting a biometric device to their smartphone and installing the BHIM app, merchants can accept payments from buyers using their fingerprint. The Aadhaar protocol is utilized to match the fingerprint from the main server and complete the payment. BHIM is currently the only e-wallet offering this feature, making it a superior technological product. Even rural citizens who are illiterate can seamlessly pay via BHIM using their bank account.
Bottom Lines
When it comes to digital payment apps in India, BHIM and Paytm are both popular choices. Paytm is more widely used across the country, while BHIM offers ease of access. Both apps have their flaws and benefits, but considering all, we can come to this conclusion that BHIM is better than Paytm.
