Ban on ₹ 500 and ₹ 1000 notes in November 2017 has created a battleground for Indian E-Wallet apps. Two of the main fighters on this ground are Paytm and Freecharge. In this Paytm vs Freecharge article, I am going to compare both of these to help you choosing one of them. So, let’s find the winner of the paytm vs freecharge 2017 battle.
The market of E-Wallets is increasing at a significant speed in India. You can use these E-Wallets as an alternative to cash. You can recharge your phone, pay your bills and pay at many other websites using these apps. E-Wallets can also help you to pay at shops. Moreover, the decision of demonetization worked as a fuel for them. These apps have become the most downloaded apps in India. You can also read my another post Best 5 mobile wallets in India 2017 to choose the best mobile wallet for you.
Paytm vs freecharge 2017
Paytm vs freecharge is not an easy comparison. Both these apps are reliable, speedy and feature-rich. Some people like to use Paytm while some others use Freecharge. Many features in both apps are pretty much the same. There are some exclusive features in both these apps. We will talk about similarities and differences in this post. First of all, let me tell you what these apps are.
Paytm is a semi-closed style mobile wallet. It is launched back in 2010 as a recharge and payment service. Sometimes later it started to sell items thru its website and grown as an e-commerce company. It is the most downloaded E-Wallet app for android in India. Recently it crossed 50 million downloads on google play store. Though the main reason behind its popularity is that it spends a lot on advertising.
Freecharge is also launched in 2010 as mainly a recharge service with cashback offers. It named most promising technology startup from India in 2011. In 2015, Snapdeal bought freecharge for ₹ 2800 crores. It is one of the most used E-Wallet apps in India with 10 million downloads in android.
Interface and Ease of use
The design of the Freecharge android app is better than Paytm android app. The icons for all the services of freecharge are listed on its home screen. All you need to do is click on the icon to enjoy the service. Where Paytm has a chunky interface. You have to dig around to find the service you want to use. All the services are grouped according to their type in some scrollable menus. However, it is compulsory for paytm to adopt this type of interface as it has a lot of services compared to freecharge.
Even though Paytm has a little bit tricky interface, using it for payments and other tasks is not tough. I must say that freecharge has a slight edge over paytm when it comes to ease of use. It does not mean that using paytm android app is a heavy going task. Once you will get familiar with the Paytm android app, you can use it also with ease.
We install any app in our android smartphones for its features. Features are the thing which we want more from everything. Then why not with E-Wallets. When we talk about features, Paytm seems like winning this battle. It has a lot of services and tie-ups to make your payments easier. You can use paytm for paying your electricity bills, water bills, gas bills, insurance premium and much more. Where freecharge limits you only for paying bills of electricity, gas and landline.
Paytm also allows you to pay for the train, bus and even flight tickets. You can book cars, bikes, hotels, events and amusement parks using Paytm. On the other hand, freecharge does not have any of these services. Although freecharge has some unique features such as virtual card and Freecharge auto-pay. You can use this virtual card to make online payments for anything anywhere. This overcomes the lack of tie-ups with Freecharge.
There are plenty of similar options in Paytm and Freecharge. Both these have an option for small merchants to receive payments. You can use both these for online payments for many websites including BookMyShow, Foodpanda, Redbus and much more. Paytm has its own shopping platform within the app and website. On the other hand, freecharge has integrated the shopping platform of its parent company Snapdeal.
Temporary monthly cash load limit on both these apps is ₹ 20000. However, you can increase this limit by submitting your KYC documents to these companies.
Speed and Reliability
An E-Wallet must be reliable and fast. And both Paytm and Freecharge have these qualities. In terms of speed, freecharge beats its opponent by a slight margin. Transactions are faster in freecharge than paytm. While in terms of reliability, they are quite same. Your money will be yours until you use it. If your transaction is failed after money deduction. It will be refunded to your account within a shorter span of time. If you face any problem using these apps, you can always ask their experts via an email.
When we talk about money, the first thing which comes in our mind is safety and security. You all want your money to be safe and secure. As mobile wallets are used to perform money based transactions, they are also supposed to be safe and secure.
Paytm and Freecharge are as secure as your physical wallet. When we recharge or send make payments using wallet balance, these both do not ask for any PIN or password. If you do not lock your phone with a strong method, anyone can perform transactions with these mobile wallets.
Though Paytm has an option to lock its Pay and Passbook options. This option is also based on your phone’s unlock method. Again it becomes necessary to add a strong unlocking method to your phone. However, we can say that Paytm is a little bit more secure than Freecharge. You can also read my detailed post on the security features of both these apps.
Comparing Paytm vs Freecharge is a tough task for anyone including me. Paytm and freecharge have plenty of similarities but some key differences. Paytm looks like winning the battle when we talk about features, payment integrations and recently added security option. But, when it comes to speed, ease of use and virtual card and auto-pay options freecharge seems like beating its opponent.
I would say that Paytm has a very little edge over Freecharge just because of its user base. But as the way freecharge is going, I hope it will soon catch and beat its opponent. I have also written another post on why Freecharge is better than paytm. Click the link to read and get a better idea. I would suggest you use both and enjoy different cashback options on both these apps. Google play store has some more great digital payment apps. You can also install and use them. What are your thoughts on this? Which wallet do you like to use? Do let us know in comments.