Google Tez, PayTm, or BHIM: What to use for transferring money through your smartphone?

Google became the latest entrant into India's already burgeoning digital payments market by launching its own mobile payments app 'Tez.' With this launch, not only the number of mobile payment options have increased, the confusion around choosing a, secure, convenient and cashless payment option has also widened up. Here's a detailed look at various options available to help you make the best decision. Mobile wallets Mobile wallets have been the biggest beneficiary of demonetisation drive carried out by the government last year. In the latter's effort to boost cashless transactions in the country, the mobile wallets witnessed huge surge in traffic. There are number of mobile wallets in the country such as Paytm, Mobiwik, Oxigen, Freecharge etc. The payment via mobile wallets begins with loading money on to your wallet through your bank card (debit or credit) or net banking. You can easily load up to Rs 20,000 with minimum KYC. While wallets also help you pay...