HYDERABAD: There are so many payment applications available now on the internet that users are spoilt for a choice. Recently, Google and Facebook also jumped the bandwagon by releasing their own payment app, both backed by the Unified Payment Interface. However, many who have adopted the newer apps find little use for them as most retail stores in the city are yet to warm up to them. Interestingly, the apps that rule the roost are all Indian, while foreign players are lagging behind in this segment.
Paytm, MobiKwik, PhonePe and the Government’s UPI-based Bhim app some of the widely used applications in this segment. Most of these applications are digital wallets and transactions take place between digital wallets. For retailers using these digital wallets, transacting from a digital wallet to a bank account becomes expensive due to transaction charges. The government’s UPI-based Bhim does not have transaction charges but has very low adoption among users due to poor interface.
Google Tez and WhatsApp payment feature are also UPI-based. In order to get ahead of competition, they also do not levy transaction charges on customers, at least for now. However, many traders have not even heard of them. “Every day such new apps are being released. So what is the big deal,” asks Praveen M, a cashier at Nagarjuna Supermarket in Ameerpet.
When explained these apps do not charge a transaction fee he says: “We had stopped using Paytm for a while due to transaction charges. But then we started losing customers and so we started using it again. People usually make payment using the app for small items.” Mukendu Annu, 22-year-old advertising professional who describes himself as a “Google fanboy” says features of Tez are “far superior” compared to other payment options available for download. “But the problem is that no shops use it here in Hyderabad. I am yet to find a store that accepts it,” he said.