The Indian government keeps on promoting digital payments amid the nationwide Corona pandemic and UPI emerges as one of the most used payment processes. Unified Payment Interface or UPI is used to transfer money from the billing platform to any other bank account. It is a concept that allows multiple bank accounts to transfer money through a single mobile application. It was developed by the National Payment Corporation of India (NPCI). Its control is in the hands of the Reserve Bank and Indian Banks Association. Also Read - UPI is down: Google Pay, PhonePe, Paytm not working [Update: It's back]
Nowadays, most users take the help of online recharge for mobile recharge from small cities to metro cities. Users either get a recharge done through the online portal of telecom companies or the app of telecom operators on the phone. Apart from these, there are many third-party apps or payment services including Google Pay, Amazon Pay, PhonePe, and many others through which cashback is offered on mobile, DTH recharge, postpaid bill payment, or other bill payments. Also Read - Google Pay rolling out Splitwise-inspired feature in India: How to split bills on Gpay
To cast your vote for other categories click here Also Read - Using Google Pay or PhonePe? 5 things to keep in mind while making UPI payments
According to the data posted by the NPCI, Digital payments apps, including Google Pay and Amazon Pay yet again the market leaders in terms of processing UPI transactions. Amazon Pay reached 68.82 Mn transactions worth INR 6,286 Cr in October 2021, whereas Google Pay recorded 1.45 Bn transactions worth INR 2.87 Lakh Cr.
According to fintech firm Razorpay’s report in 2020, Google Pay leads in harnessing a digitally inclusive economy by 48 percent, followed by Amazon Pay which was the most preferred wallet among consumers reaching 33 percent.
Google Pay benefits
This is a free mobile app available in the Google Play Store. The user does not have to pay additional ‘transaction fees’ for this. When someone uses Google Pay to make a purchase, Google doesn’t send their actual credit or debit card number to make the payment. Instead, it uses a virtual account number that does not put confidential information at risk of being leaked.
You can pay fast using any payment method saved in your Google Account to make purchases on the web, in apps, and with Google Assistant. To send money, a Google Pay user enters the payee’s phone number or email, or UPI ID. For the recipient to receive the money, his number or email address must be linked to a bank account. If the recipient also has a Google Pay account, the money goes directly to that account.
You can avail of cashback on mobile recharge or bill payment through Google’s UPI-based app Google Pay. You will get this cashback through a scratch card. In this, you can get the benefit of cashback on every recharge.
Google Pay has tied up with Setu to provide FD facilities to its customers. Initially, the Equitas Small Finance Bank FD facility was available on Google Pay. It is noteworthy that after the similar announcement of Google Pay, there have been reports that the Reserve Bank is eyeing the deal between the giant technology company and the bank as it may impact the broader financial landscape.
Amazon Pay benefits
Amazon Pay is an online payment service and which was launched by Amazon in 2016 to promote digital payment. The app helps you pay the electricity bill, mobile recharge, DTH recharge, and other types of transactions. It is very simple to use, and you just have to create an account on Amazon with the mobile number linked to your bank. Through UPI, your bank account will be linked to Amazon Pay.
Rewards are also given on recharging and adding money to the wallet of Amazon Pay, which is sometimes up to Rs 100-200.
Amazon Pay India, a unit of the giant e-commerce company Amazon, has brought a new facility for its users. With the help of which users will be able to open Fixed Deposits. Amazon Pay has tied up with investment platform Kuvera to provide wealth management services to its customers in India.
However, a similar service launched by Amazon Pay’s rival digital payment app Google Pay is under the watch of the regulator RBI.