Payment Apps and e-Wallets - Which app best works for you?

asen

Phonepe mostly for UPI and for other bill payments and shopping Amazon Pay, Paytm, Mobikwik.

Anirudh

Shreyas asen TamaL Rahul satya93 pramoneel theRajeshV : we want to understand, If cash incentives are not given in the form of cashbacks, rewards, points etc, how would you all go on to choose the app?

what is the most important feature that will make you use the app without any incentives?

TamaL

P2P transaction Google pay very smooth. P2M paytm is altime best bcz of various use cases. Special mention phonepe switch merchant concept very good & helpful, no need for additional apps (super app).
But ultimately i believe in long run wallets having good customer support/phone support will succeed when cashback are over.. right now paytm has the best phone support available according to me..
Expectation from finin - All in all (bank + wallet features) if possible:

Rahul

Here is the list
1) PayZapp - I use PayZapp for bill payments as I get Rs. 200 cashback (5% up to 200) for any one of the bill payments namely Rent pay(Red Giraffe/NoBroker), Electricity or Broadband bill pay. 10% cashback up to Rs. 100 for any telecom operator recharge and other occasional offers such as BigBasket, Zomato, Swiggy, etc.
2) Paytm - Generally used at petrol pumps for 0.75% cashback irrespective of the minimum transaction amount and no additional convenience fee for petrol pump merchant code. I also use Paytm at every neighborhood shop that has an all in one QR code which accepts payment form paytm wallet hence avoiding UPI payment and earning reward points for credit card namely AmEx as other banks stopped rewarding reward points on wallet reloads.
3) Google Pay/ PhonePay - I use UPI apps when all in one Paytm QR code is not present at a merchant hoping to win a scratch card.

So in terms of both usability and experience, a combination of PayZapp+Paytm would be awesome.

satya93

Phonepe any day. This app is so seamless. I don't care what other apps are offering as they(GPay and Paytm) are not seamless. I have faced a lot of issues using those apps.

pramoneel

Google Pay is very smooth. But you can create your own FinIn Pay solution using IMPS and one time consent by the user.

theRajeshV

I don't think I have decided on an app yet. Because everybody is still in the process of customer acquisition and giving out offers, I typically transact whereever I'm getting the best deal.

This usually happens to be Amazon for small transactions and PayZapp for large once-a-month transactions (electricity). When I don't find any deal, I fallback to Amazon because I feel like I have to, considering I've frequently taken cashback from them. And their bill reminders have also been very helpful.

Now for my expert suggestions:-

Have a smooth, uncluttered, and modern UI (unlike PayZapp)
Provide a stable and fixed percentage discount or cashback without having to use coupons if you want me use auto-payment. You should reward customers for commiting with you and not deal hunting, but nobody seems to be doing this and even take away offers which are otherwise available to the hoppers
Send bill reminders reliably on platforms of choice (email/SMS/IM/push notifications)
In case of automatic payments, allow me to decide how many days ahead of due date the payment is to be made

Anirudh

theRajeshV : this is great insights, " send bill reminders" is important and helps users to save money or make a informed decision while paying for the bills etc.

theRajeshV

Anirudh, you can't make, atleast me, use the app as long as somebody is offering the discounts or cashbacks. If everybody stopped giving deals (including cards like Axis Freecharge Credit Card), then the reliability, intuitiveness, and usability would be the deciding factors (ie. other points I mentioned above).

pramoneel

Anirudh Speed and ease of use

Anirudh

theRajeshV : 😅 , you are right. I was talking about an ideal case scenario and I don't see that happening in the near future as customer acquisition money will continue by companies.
But I understood the underlying pain point. Usability and Reminders are the elements that will clinch you time to use the product.

alexnazy

Paytm is my most used wallet/UPI app. It is widely used and available across all the shops (even little ones). I still use it even though the deals are dried up because of ease of use, reliability and UI/UX. For UPI, I have to input one more PIN in addition to the fingerprint verification for app login - whereas Paytm doesn't require it (at least for wallet transactions). And in the rare case there is no Paytm wallet acceptance in the shop, I can still use Paytm UPI.

I like to keep shopping and fund transfers separate. So I do P2P transactions on Google Pay.

I use PayZapp for utility bill payments because of the cashback offers.

I don't like PhonePe because I think the interface has too many things going on and (it might be a small thing) the QR scan button is on the top out of reach of my thumb.

Anirudh

alexnazy

alexnazy I like to keep shopping and fund transfers separate. So I do P2P transactions on Google Pay.

This is insightful.

When you pay billls, what you prefer a new platform or an app to have? It could be very specific of your needs and wants.

alexnazy

Anirudh I prefer a mobile app. That way I can pay bills on the go without the need for a computer (desktop/laptop).

In fact I am trying to move all my payments (insurance, utility, etc) to mobile apps so that I can do it when I get a reminder that I have setup on my calendar. I find Paytm to be the most convenient for that purpose. It has almost every service on its platform.

Anirudh

pramoneel : thank you, speed is one of the things that we are constantly measuring to improve in our current build. Do you use google pay to pay most of your bills? If not, what do you use?

Anirudh

alexnazy : how does this community read our minds, we are working on a very interesting feature that solves a large problem. The problem to remember. Does Paytm send a reminder that can be stored on your calendar in the current avatar?

Additional question, what would it take you to make the switch from Paytm to our mobile app to do the same?

alexnazy

Anirudh Paytm sends reminders for Insurance premiums automatically once you pay using their platform. They also have a "Payment Reminder" feature through which you can setup reminders manually.

I have my own system wherein I have setup reminders in my calendar for bills (manually).

As for your question about switching from Paytm to Finin... User interface, reminders, expense tracking, etc can be factors. But frankly if you can nail the convenience with the availability of all services (Eg. Paytm is one of the few wallet/payment apps that supported LIC premium payments for a long time - payment of LIC premiums through their website is a big hassle - half the time the site is down) and integration of banks - I like Paytm here as well... their implementation of UPI is the best #IMHO. You get one page through which you can check the balances of all your bank accounts and transfer funds between them in the least number of clicks. The other apps I have seen need a lot of to and fro in their UI for a simple self account transfer or even balance check.

One tidbit... keep your UI accessible by having the control buttons in the bottom of the app so that we get easy thumb access. Makes a world of difference...

Thanks.

Anirudh

alexnazy : this is detailed insight. Thank you for that.

Imashish

In my case i used mostly Phonepe for self/anyone upi transfer.
Reason- the Transaction speed , ui of the app, support and it was convenient to use.
And for my daily day to day life i use lazypay, epaylater upi cause it save multiple transection from my bank and i can paylater in one go in 15 days.
Also I've worst experience with Google pay don't know why but there upi server always put my transaction in pending and the amount got hold for long.