Demonetization has now become the necessity of every major and minor economies in the world. Reason being, the transactions done via mobile wallets or through any online methods are directly/indirectly monitored by the Governments and thus tax evasion becomes almost impossible for the residents of that country.
20 years back, nobody could have thought of these mobile wallets, and never thought of that these online payment methods will become the future of transactions in the world’s major economies. India’s push for demonetization and supporting the idea of online payments has made the citizens to use these mobile wallets, which most of them never used to use.
These mobille wallets are not only easy to use, but also saves you from tension of carrying lots of physical money or cash in hand with you wherever you go. You just have to add money into your mobile wallets and spend like a pro.
Also these online methods of payment also enables you to take note of the spending that you have done, and can help you properly in making better budgets for your monthly spending, since now you know, when and where you have spent the money for.
Now when you have a brief idea of what a mobile wallet is, let’s discuss about some of the major mobile wallet companies present in the market and how are they different from each other.
Paytm vs Payumoney vs Mobikwik : a comparison to let you know which one is better for your requirements
Paytm an acronym of “Pay Through Mobile” is an Indian company backed and funded by Chinese biggie Alibaba’s venture.
Paytm is known to be most benefited by the India’s demonetization move, just because it had already became the well known name in the market and in the minds of the consumers.
Paytm took no time to set itself to gain high benefits from this move which has made its position more stronger in the market as compared to the other mobile wallet providers.
Sign Up with PayTM
As per the payU money’s website – “PayU India is the flagship company of Naspers group which is a $25 Billion internet and media conglomerate listed on London and Johannesburg stock exchanges respectively. PayU provides state-of-the-art payment gateway solutions to online businesses through its cutting-edge and award winning technology.”
You can see there’s no mention of mobile wallet, and just the payment gateway is mentioned in its bio.
While we all know that Payumoney offers mobile wallets, but they are routing their business more towards the payment gateway industry rather than just a mobile wallet.
Sign Up with Payu
MobiKwik is basically a mobile wallet & online payment provider where a user can store his/her money in an online “wallet” to make payments for mobile and DTH recharge, pay utility bills, and shop at listed merchants.
MobiKwik provides users the option to add money using their debit or credit card, net banking, and ‘cash pay’ & a doorstep cash collection service. MobiKwik wallet is a semi closed wallet authorized by Reserve Bank of India.
It was founded in India only and basically is Indian company.
Sign Up with Mobikwik
Now let’s see the difference among these three payment systems:
- Paytm is an Indian brand, but is funded by Chinese firm, whereas Payumoney is non Indian firm registered its branch in India for business, on the other hand Mobikwik is an Indian company which is funded largely by Japanese and Taiwanese firms. So on an whole none of them is completely Indian at all. So forget the concept of “paying for India ” whenever you use any of them
- Another difference, as a consumer you must know is- Paytm also offers products just like flipkart, Amazon on it’s portal where you can buy goods, whereas Payumoney and Mobikwik doesn’t provide goods at all, they simply are payments systems
- A difference as a merchant or a businessman you must know is Paytm & Payumoney offers online payment gateway solution, through which you can offer you customers on your website and apps to make payments for the goods and services you sell. Also their process of integration is easy and less time taking, On the other hand Mobikwik is just a mobile wallet and oniline payment system
- Among these three Paytm has recently come up with “Paytm Payments Bank” where you can get a debit card issue by Paytm for making payments and for depositing your money in their bank, which the other two (Payumoney & Mobikwik) are not able to do. Which is also increases the credibility of the company in the market since this bank will be authorized by the Reserve Bank of India.
Conclusion: paytm vs payumoney vs mobikwik
As far as i know about the online Industry from my experience in the relevant Industry, I would suggest you to go with Paytm, since it will be more beneficial to the consumer in almost all terms of online payments and security of funds. Since Paytm has now become the major player in the market with almost all the relevant services related to payments and funds handling with them. Thus they can provide you more ease with making payments in future since they will be providing you Mobile wallet, Shopping website, and their own bank for making transactions.
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