Invention and technology have together changed the meaning and manner of handling money all over the world. With the introduction of plastic money and online payment platforms, the complications of using and paying money have been eliminated all the way to zero.
The online payment platform comes with numerous facilities and benefits that help the users to make smooth and fast payments. Some of these platforms provide easy money access wallets and the others provide direct banking payments without any long and complicated process.
In case you are also banging your head about which online payment platform you should choose then you have come to the right place.
Here we are discussing the most common and significant differences between Paytm and PhonePe. Make sure to go through all the factors to understand the clear difference between both platforms.
Difference Between Paytm And PhonePe
User Interface
The customer interface is one of the most incredible and significant factors when it comes to online platforms.
The user interface of an online platform must be smooth, clear, easy, and fast. Things like complicated or slow or disruptions might make the experience of the users dull or even unsatisfactory.
User Interface is one thing that the customer can make within 1 minute of using the platform for the first time. For clear understanding let’s discuss it further.
| Paytm | PhonePe |
| The Paytm online payment platform is a bit concentrated and its outlook is not much clear as compared to the PhonePe application. | In the case of user interface the PhonePe platform is slightly better than Paytm as the platform is incredibly spacious. The platform provides a clear and smooth experience to its users and makes the process of payments simple. |
| The fonts used on the Paytm platform are smaller as compared to the PhonePe platform. The reason behind the concentrated icons and small fonts is that the Paytm platform provides more than 50 services such as Paytm Mall, Paytm Gold, and many more. | Moreover, the fonts used on the PhonePe are way more clear and readable as compared to the Paytm platform |
Unified Payment Interface
Facilities such as Unified Payment Interface and direct banking payments are way easier and uncomplicated on PhonePe as compared to the wallet services of Paytm.
| Paytm | PhonePe |
| Paytm online payment platform also facilitates UPI payments however the process to make UPI payments on Paytm is long and slightly complicated. The Process to make UPI payments has comparatively more steps and takes a long time to transfer money to the beneficiary. | PhonePe enables its users to make direct payments to the other users that are in their contacts, UPI id, and more. The users can also make payments with the help of bank account details such as IFSC code, bank account no., and more. Basically, PhonePe helps its users to make bank payments from one account to another account with just one tap. |
Utility Bills
Online Payment platforms are highly famous for making complicated bill payment processes easy and reliable. The majority of the online payment platform users are using PhonePe, Paytm anymore for making day-to-day payments or utility bill payments.
| Paytm | PhonePe |
| Paytm has numerous facilities to make payments of your utility bills such as electricity, water, and many other bill payments in an incredibly easy way. Like PhonePe, Paytm is a bit slow and makes payments after long processes. Paytm process of making payments includes a few more steps as compared to other online payments apps. | PhonePe on the other hand also has various services such as UPI payments, wallet for making payments or transfers, and many other options to pay the utility bills. PhonePe on the other hand is fast, easy, and smooth. Making payments on PhonePe with the help of the UPI id is way faster and easy as compared to any other online payment platform. |
Merchant Payment
From the perspective of a merchant, online payment platforms are making businesses easier and smoother than ever. To avoid long and complicated processes of accepting cash and maintaining cash flow, the majority of the business is infusing itself with smart payment methods.
The majority of the businesses have started to accept payments through online payment apps to avoid all kinds of discrepancies.
| Paytm | PhonePe |
| Paytm online payment app also has the option of facilitating payments with the help of a QR code. However, in the Paytm app, the QR code has been set at the bottom of the app. Paytm platform does not save the information such as account details of the beneficiary while making payments. The users have to insert information of the beneficiary every time before initiating the process of making payment. | PhonePe payment platform is popular as it is easier to use and fast for making merchant payments as compared to the Paytm app. As the PhonePe app provides the option of QR code to its customers it also has set the QR code on the homepage of the app itself. For easy and fast payments the PhonePe app has kept the option of paying with the help of a QR code incredible handy for the users PhonePe also saves the account details of the beneficiary so that the user does not have to insert the same information again and again. |
Cashbacks And Deals
The best thing about using Online payment platforms is Cashbacks and deals that you get for making payments. On the online payment platform every time you make a payment you receive a cashback or an offer of discounts.
| Paytm | PhonePe |
| On the Paytm platform, the users receive offers in return for making transactions for the platform. | On PhonePe the users get cashback in return for making payments. |
| The offers that you receive on Paytm need to be activated by the user which is more complicated than cashback. | The cashback you receive on PhonePe is easy returns that are not required to be activated. The cashback is automatically credited to your account as compared to the amount that you have received in exchange for making the specific payment. |
To Sum Up
As we all can see that PhonePe is the clear winner of all rounds. The platform of PhonePe is way more interactive as well as smooth in comparison with the Paytm app.
Make sure to understand the above-mentioned differences carefully before making any choice of making payments from a particular online payment platform.
In case you have some additional points to add to our piece of thread then kindly share your opinion in the comment section below.
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