Recently, Paytm outnumber Zerodha’s user base by adding 6.6 million consumers.
Presently, Paytm money also sell products related to the national pension scheme (NPS) and stocks. Likewise, it already sells Rs.20 crore worth of direct mutual funds on its platform daily. Further, it is anticipating a full- scale launch of its stockbroking service in September and expects to hit 100,000 in daily trades within six months, touching 250,000 customers in the first year.
Varun Sridhar, CEO, claims that Paytm strives to become the first step in the investment journey so that every user benefits from technology and insertion.
Not only Paytm, but several other mobile payment apps are easing out payments and money transactions with intense security. here’s a quick read of the top 5 mobile payment apps:
1. Square Cash App: This app allows B2C transactions in minutes. They provide a loyalty program called “Boost”, which offers discounts and deals to users. One of the drawbacks of the Square Cash App is that it cannot be used at POS or for online purchases (including with Square POS). Uses can request a debit card payment or can transfer funds to their bank accounts respectively. Fees for senders count 3% and 1.5% for instant bank transfers.
2. Google Pay: Also popularly called as android pay, Google Pay is an NFC- based mobile payment app that allows users to make payments via their Android- compatible devices. It stores gift cards, loyalty programs, e-tickets, and boarding passes. Google pay smoothens money transactions between users. Google pay charges no transaction fees for bank transfers or debit cards, though paying 2.9% for credit card usage is an exception.
3. Apple Pay: is an NFC – payment system that allows users to make payments in person, in iOS apps, and online. Residents of the United States send and receive money using “Apple Pay Cash.” Money can be sent via Messages or Siri. Apple pay does not charge money to debit card users, the transaction fee for credit card users calculates 3%. Stores like Target, 7- Eleven, Airbnb, and even many grocery stores support Apple Pay.
4. Venmo: It is one of the most popular new addition to the mobile payment apps. The features include split checks, bank transactions, and online payments using a Paypal button. Payments can be received by Siri and iMessage. The transaction fee for debit and credit cards counts 3%.
5. Xoom: is a PayPal owned app that enables payments in 66 countries. Recipients do not need to download the app- but they must have a PayPal account. The app works on newer.
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