5 attributes of the best payment apps

5 attributes of the best payment apps

Confused about which payment app is good and which isn’t? We list the essential attributes to look out for.

It appears that every person today is using a variety of payment apps to do a variety of tasks – from everyday banking to transferring money to contacts, and from paying their share of the restaurant bill to booking flight tickets, payment apps are offering one-stop connectivity and convenience like never before.

But what constitutes a really good payment app? These are the 5 essential attributes to look out for:

#1 They are free to install. The first attribute to look for is whether the payment app is free to install or not. You can find the free app download on Google Play Store for Android phones, and on iTunes for iPhones. After downloading the app, you should be able to set it up in a few simple steps and start using it right away.

#2 They offer multiple uses. The best payment apps like the myAirtel app are the truly versatile ones. The myAirtel app offers multiple uses on a single platform – set it up, and do your mobile and DTH recharge, postpaid and broadband bill payments, utility bill payments and also online shopping. The myAirtel app also keeps a record of your past bills, so you can track consumption, compare the times of high usage, etc.

#3 They offer security for money transfer.Of what use is a payment app if it does not provide the highest levels of security when you transfer money or pay bills? There are multiple cases of hacking and phishing attacks from unscrupulous elements on the web, who gain wrongful access to users’ bank accounts and steal their money. The onus is on the payment app to provide security features like two-step authentication (like UPI apps) and secure OTP linkage to the account instead of surrendering the card details to pay.

#4 They have multiple payment options.The best payment apps like the myAirtel app offer multiple payment options as well. You can select the one most convenient to you: Airtel Payments Bank, net banking, debit/credit card, BHIM app, third party payment platforms, etc. These payment platforms are all connected to your bank account, so the payment is debited from the account directly and in real time.

#5 They offer cashback and discounts regularly. Good payment apps incentivise their use with the help of regular cashback offers, reward points and discounts on every recharge, bill payment and even online shopping from partner retailers. This helps you save a lot of money over the long run – you can even choose to redeem the saved money to pay a single or couple of future bills, depending on the amount of money saved already. Meanwhile, the myAirtel app offers the superb Airtel Payments Bank, which saves your account balance and pays 4% savings interest on the money.

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