Author

dayone

Categories:
Tags:
Published

Jun 04, 2018 6 months ago

Back to Listing

Payments through Your Phone

Payments through Your Phone

Mobile wallets have become ubiquitous with apps such as Google Tez, PayTM, PhonePe, BHIM, etc. It has never been easier to make payments through your phone. You can even send money to someone on the other side of the earth. E-commerce contributes a large part to this. E-commerce apps are worth millions if not billions. Swipe, an app made by two twenty-something Irish boys is worth a whopping $9.2billion. Since the market for currency transaction apps, there is fierce competition. With so many apps on so many different smartphones, it can be hard to zero in on one. Here, we shall take you through a few payment apps.

PayTM

PayTM has been around since 2010 extending its facilities throughout India in 10 different regional languages in addition to English. It is common parlance now to ask a friend, “Can you paytm me some cash?” or “I’ll paytm it to you.” Paytm offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and education institutions with the Paytm QR code. As of January 2018, Paytm is valued at $10 billion. They have also expanded

PhonePe

PhonePe is still an up and coming app created in Bangalore, India in 2014-2015. It began operations in December 2015 but soon encountered blocking its use. It runs on a backbone of Unified Payments Interface (UPI). The National Payments Corporation of India sets down guidelines to be followed in order to use UPI. It is this that companies such as ICICI Bank and Airtel complained of – not following the guidelines properly. They subsequently blocked its use. In February 2017, all issues were resolved and PhonePe resumed operations.

Venmo

“Venmo” has reached verb status in the vernacular. No surprise — it’s the most popular app for sending money among millennials. Not only is it super simple to use, but it’s got a social aspect to it. There’s a bit of cachet in demonstrating a bit of flair in the way you annotate your payments. Whatever description you use appears in the public feed, giving you and your creative emoji placements an audience.

You can send money from the app to mobile numbers, email addresses, or Facebook accounts. And you get all of these features for the very manageable price of $0. That’s right, Venmo balance bank and debit card transfers are totally gratis. You’ll only incur a fee if using a credit card.

Google has an app for almost everything these days, even if you don’t visit Google Play. And with such intense integration with so many facets of your online experience, you better believe that they’re in the money transferring game. Google Wallet works the same as Venmo, but you send people money to their emails or phone numbers. Recipients get notified by e-mail and then go through a process to verify their identity to accept the money. If this sounds like your speed, give it a go, but the other apps seem like faster ways to pay with your smartphone.

Day1 Technologies is the leader in the space of native as well as web apps. We can build fool-proof apps with ensured security thanks to blockchain based AI technology. Reach out to us for whatever your needs are.

Author

dayone

Read similar posts below.
If you want a weekly updated subscribe to newsletter.

Solutions To Engineering Design Problems with ARVR
Minimal Viable Product
What Apple’s New iPhone Release means for us
Thoughts on AI in Mobile Apps
Service Solutions with AR
How Blockchain Is Transforming Businesses
Solutions To Engineering Design Problems with ARVR
Minimal Viable Product
What Apple’s New iPhone Release means for us
Thoughts on AI in Mobile Apps
Service Solutions with AR
How Blockchain Is Transforming Businesses