BHIM app is based on Unified Payment Interface(UPI), Whereas PAYTM is, as of now, is a mobile wallet.
BHIM app is better when you have to transfer funds from one account to another and PAYTM is better when you have to pay for different services like mobile recharge, electricity bill payment etc.
In coming days paytm will become a payment bank that means you will get all the benefits of BHIM app with flavors of PAYTM in one.
3 major plus points of BHIM app are as follows-
1. One app for all bank accounts:
BHIM leverages the power of UPI and USSD into one, which enables the user to optimally utilize a single platform for all his cashless needs. Thus, if a user has bank accounts in three UPI enabled banks, then BHIM will converge all his banking activities, and enable him to conduct cashless transactions without hassles. The single @UPI payment address will protect his identity and personal details. BHIM directly connects the bank accounts with a safe platform, thereby saving you time and hassles of maintaining multiple wallets.
2. Internet Is Not Required:
One of the master-strokes of BHIM is that it can be used without the Internet. *99# program for conducting cashless transactions is being supported by BHIM, which makes it a deal-clincher. Only Paytm provides Internet-less cashless transactions, but that feature is not that robust, considering that you need the Internet to link the bank accounts, and to infuse funds. But with BHIM, a non-smartphone user can transact from the word go.
3. Finger-print based cashless transactions:
Once the merchant connects a biometric device with his smartphone (after installing BHIM app), then he can easily accept payments from buyers by using their fingerprint. The Aadhaar protocol kicks in here, as the fingerprint is directly matched from the main server, and the payment is done. This facility is right now not available on any e-wallet, which makes BHIM a superior technological product, compared to any other e-wallet. Rural citizens who are don’t even know how to read and write can easily, seamlessly pay via BHIM, using their bank account.
