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

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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...

Download Google's 'Tez' app from Play Store

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Google's digital payment app 'Tez' that was launched in India on September 18 has been downloaded five million times on Play Store. Within 24 hours of 'Tez' being launched, Google saw nearly 1.8 crore gross merchandise volume (GMV) done with over four lakh active users. Built on the Indian government-supported Unified Payments Interface (UPI), Tez allows users, free of charge, to make small or big payments straight from their bank accounts. According to the National Payment Corporation of India (NPCI), the number of transactions on UPI has crossed three crore in September. The number of transactions on UPI platform increased to 3.07 crore in September as against 1.66 crore in August -- an increase of 85.32 per cent. Of the 3.07 crore transactions, BHIM's share was 76.03 lakh -- a market share of nearly 24.7 per cent. "Tez" app works in partnership with four Banks -- Axis Bank, HDFC Bank, ICICI Bank and State Bank of India -- to faci...

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