Narendra Modi launched the Indian government backed payment wallet, BHIM (Bharat Interface for Money) last week and took the nation on a joyride. Payment wallets like Paytm, SBI Buddy, have been enjoying the increased customer base since demonetisation was announced on November 8. People in cities have easily switched to payment wallets with the help of their smartphones and everyone from vegetable vendors to beggars have also opted to these digital payment options. ALSO READ: BHIM App becomes one of the most downloaded App on Google Play store India: Social Media flood with memes and jokes on the government led payments app.Also Read - Netaji's Statue Will Inspire Democratic Values, Future Generations, Says PM Modi After Unveiling His Hologram

However, those without smartphones still faced a hard time trying to adjust to this cashless ride. This issue will finally be solved as BHIM App allows those without smartphones to carry out cashless transactions by simply dialing *99#. With so many options, choosing one option for digital payments can be difficult. Here is a complete analysis on which app to choose from the plethora offered on the App store. Also Read - Breaking NEWS Highlights: Tamil Nadu Logs 30,580 New COVID-19 Cases, 40 Deaths; Active Case Tally At 2,00,954

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Paytm has been the go to app since demonetisation stroke at midnight of November 9. This payment wallet added five million new users and made record transactions worth of Rs 120 crore every day. The app is available in different regional language, giving it a higher user base as there are no language barriers in using Paytm. The user interface is currently available in English and ten different regional languages including Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi.

The app asks you to add money to ease the payments made to various merchants. Paytm also offers the options of booking movie tickets, recharge mobiles and DTH, pay bills, etc. with different cash back benefits. Paytm is approved as an operating unit for Bharat Bill Payment System, making it a secure way to pay for various bills.

Paytm has been in the payment wallets section from 2014 and was previously used as a go-to portal for mobile recharge, during its launch in 2010. One97 Communications own the payment wallet and recently it also got funding from Chinese e-commerce giant, Paytm charges 4 per cent for customers who have not completed their KYC and 1 per cent for KYC compliant customers. Paytm allows us to transfer money to a mobile number or banks as well. However, this transaction is capped at Rs 25000 per month.

SBI Buddy

State Bank of India(SBI) launched its payment app, SBI Buddy, early last year. SBI Buddy is a semi-closed prepaid wallet which is used to transfer money to other payment wallets, bank accounts anywhere at any time. The app also allows you to make payments at shopping malls and recharge and pay bills. The biggest highlight for the Buddy App is that it is backed by the banking giant, government-owned, State Bank of India. This app is also available in 13 languages: Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malayalam, Marathi, Oriya, Punjabi, Tamil, Telugu, and Urdu. The SBI Buddy App has a monthly transaction limit of Rs 20000 for Non-KYC customers and Rs 100000 for KYC customers on merchant transactions and fund transfers. The app also has a cap of Rs. 20000 for non-KYC customers and Rs. 25000 for KYC customers for transfer to bank account.


UPI (United Payments Interface) is the platform that major banks like ICICI and HDFC use to enable cashless transactions. UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routeing & merchant payments into one hood. Any UPI app can be downloaded by Smartphone users who can choose their bank as the preferred UPI payment track. The transaction limits on UPI Apps depends on different banks for which it is made. Currently the UPI-based apps for payments is available for twenty-seven banks, namely, Allahabad Bank, Andhra Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Catholic Syrian Bank, Central Bank of India, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank ,IDFC Bank, IndusInd Bank, Karnataka Bank, Kotak Mahindra Bank, Oriental Bank of Commerce, Punjab National Bank, South Indian Bank, State Bank of India, TJSB Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank and Yes Bank.


The latest in this race, BHIM has its sets of benefits which make it one of a kind. A unique part of BHIM is its availability to those who do not own a Smartphone as well. While the app is currently only available in Hindi and English, it will soon be available in other languages as well. Another important difference is the fact that BHIM is not a payment wallet which requires a prepaid payment, it essentially connects your bank accounts to make easier payments. BHIM can be accessed through various platforms, like UPI, IFSC and MMID and unique QR code. The app is connected to our Adhaar, making it more secure and as it is under the government’s umbrella is can be trusted more than the other options. The App also has a three-step security method for making payments, assuring us of its security. A negative point for BHIM will be the low transaction cut. BHIM App currently has a transaction limit of Rs 20,000 per day and the maximum amount per transaction is kept at Rs 10,000.

While each app has its set of positives and negatives, BHIM’s widespread offers and easy user interface makes it the payment wallet of the future. However, with experience and trust on its side, Paytm continues to be the most used payment wallet, and it will take some time for the users to make a decision as to which option to settle for. SBI Buddy has the brand name for its advantage, however, considering BHIM App is also government owned, it does not have an upper and. As for the UPI apps, the banking apps are much more complex than BHIM App and the user needs to have an account with the bank to use the app, thus limiting its user range. From this comparison, it is clear that BHIM App will be a favourite in the times to come.