P2P payment is a pain; PayTM solves it well

Our friend Annkur Agarwal got married in Mumbai last month. He’s an old Headstart volunteer and one of the most friendly and helpful guys you’d find around. Naturally, his wedding was well-attended within our friend circle. Anusha, my wife, and I also attended.

Some 13 of us got thinking about a good gift, couldn’t decide what is best and defaulted to gifting him an Amazon.in gift card. I was the last man standing on the gift thread and became the natural bali ka bakra to execute the deal. So I did. In return, I sent a WhatsApp message to each one of the 12 people about paying me their share.

I knew this entire manual process of collection would be painful. So, at the onset I started with a simple tracker on my mobile about who has paid and who has not. Here’s what it looked like:

The only other choice being transferring using IMPS/NEFT using bank account number and IFSC, the result was staggeringly in favor of PayTM. As SB captures it well “PayTM is much simpler than State Bank of Mysore”. Further, it is now safe to assume:

PayTM is now becoming a default choice for such P2P transactions.

It is simple, it is fast, it is reliable and it is achieving near ubiquity. They are also focusing heavily on making P2P payments simpler using QR codes, phone-book integration, pay-by-number and so on.

Another important piece to note here is — it takes, on an average, 2 reminders with friends to receive a relatively small amount. Given that payments is a network business, there will unlikely be an easy solution to this problem.