Google Tez Vs. Paytm – 29 Differences & Similarities
The new digital payment app developed by Google called “Tez” was launched on 18th September. The app has lot of new features which makes it stand out from the existing digital wallet apps in the already existing crowded payments app such as Paytm, BHIM, Mobikwik, PhonePe and others which have been encouraging digital transactions in India.
With so many apps already in India, here’s the difference between the top wallet app Paytm (the oldest and most popular) and Google Tez:
| Features | Google Tez | Paytm |
|---|---|---|
| Is it a wallet? | No | Yes |
| From where is the money debited/credited | Directly in/from the bank | From Wallet |
| Is the app available in non-English language | 8 languages (Hindi, Engish, Bengali, Gujarati, Kannada, Marathi, Tamil and Telugu) | No. Only English. |
| Is bank account required for sending and receiving money | Yes | No. Only active mobile number is required |
| Is there any option to decline a request for money? | Yes | No |
| Transaction Limit | 1 Lakh per day | Rs. 20,000 per day |
| Daily number of transaction | 20 per day | No limit |
| Web version for sending or receiving money | No | Yes |
| Does it have own bank? | No | Paytm bank is available |
| Is there any separate app for business? | Yes | No |
| Is mobile number and bank account linking mandatory? | Yes | No |
| Number of options to pay money | Four - UPI ID, QR code, Cash, mobile number | One |
| Cashbacks or reward points | No | Yes |
| Referral rewards | Yes | Yes |
| Does money remain in bank? | Yes | No. Money remains in the Wallet. |
| Can money be transferred from debit/credit card? | No | Yes |
| Can you add money in the app? | No | Yes |
| Can you make payment for utility bills, services, etc? | No | Yes |
| Any transaction fee on transfers? | No | No |
| How much money can be added every month? | Not required as it is not a wallet | Rs. 20, 000 per month |
| Does it support UPI? | Yes | Yes |
| Can transfer be done via website? | No | Yes |
| Any other services other than making payment? | No | Yes. Online recharge, bill payment, ticket booking and more. |
| Is the app available for Windows phone? | No | Yes |
| Is there any need to add money in the app? | No | Yes. For sending money it is required. |
| Can you transfer money without internet connection | Yes through QR code | Yes through QR code |
| Does it required top-up | No | Yes |
| Can transaction history be grouped for each person | Yes | No |
| Size of the app | 7 MB | 54 MB |
Most of the Paytm features are available in other apps as well such as Mobikwik, JioMoney, BHIM, PhonePe and others. Currently Paytm outscores every app out there and is undoubtedly the leader due to the extra offerings such as recharge, ecommerce store, digital savings account in addition to mobile wallet. Moreover the rewards and cashbacks offered by Paytm attracts lot of users.
Tez is powered by the Indian government supported Unified Payments Interface (UPI). The “cash” mode feature in the Tez app lets users send and receive payment to the nearby users with Tez installed on their smartphone. There is no need for bank account details or phone number. This technology is Google’s proprietary and uses Audio QR (AQR) ultrasound technique that helps in pairing the phones. For Google Tez, the competitor is the cash currency. And the objective of this app is to encourage digital payment and make it simple and secure.
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