This article is about the best payment wallet in India based on my experience and my contacts. I am very passionate about technology. I adapt to digital solutions which makes my life easier. I forget a lot and in order to keep myself on track, I am dependent on Google Assistant a lot. It helps me with reminders, setting up alarms and doing a quick search. Back in the early 2011’s, I found out about Paytm. Initially, they used to offer mobile recharge feature. A user can recharge his prepaid mobile This helped me a lot as I do not have to go to a recharge point or call a reluctant person for recharges. I immediately adopted paytm and it proved very helpful to me. I stuck with Paytm till freecharge started their operations. Their cashback and promos lured me into using their service. While this was going on a few more similar service providers showed up like Mobiquik. As the competition grew more, it was eventually beneficial for the end-user, us, who got the benefits of cashbacks.
Then Google entered the market during Q4 of 2017. In order to gain grounds, they rewarded referrer as well as referred ones. This is a win-win scenario and people started creating google Tez account and doing a first transaction to receive reward money directly to their bank account. My sister is an advocate. She made easy money out of this by referring to her colleagues in the district bar library. She referred almost 100-150 people. Google Pay’s business model is very different. They do not pull your money out of your bank account and keep in their bank account(aka your wallet). Their service is a bridge between transactions. Your money will be pulled out of your bank account only when you do a transaction. There is no holding your money in the wallet. As I was simultaneously using both paytm (because of their bigger eco-system) and google pay, things started getting harder at Paytm. They started pushing for linking my Aadhar (which is like social security number for Indians) and mandated KYC details. As banks, my PF account made it mandatory to link my aadhar, i felt reluctant to provide Paytm my aadhar number. And I started drifting away from paytm.
So far, Google Pay / Tez proved to be the best payment options for me but paytm has more market integrations. Thanks to the demonetization.