Move money in a jiffy

If you are an HDFC Bank account holder, chances are you’ve scratched your head over their e-mails announcing the launch of PayZapp, a payments solution mobile app. So what, and how useful, is it?

There’s also the added confusion of Chillr, the bank’s other app. And while you’re tempted, you still wonder if PayZapp is secure enough to be used.

HDFC Bank’s PayZapp is an all-in-one app that allows you to pay your bills, transfer money, book tickets and shop online. It works along the lines of a mobile wallet. You pre-load money into a wallet and use this for various transactions.

To get started, download the app on the mobile number registered with HDFC Bank and complete the fairly quick and simple registration process. Then sign in and link any or all of your debit or credit cards to it. The card will be used to load money into the wallet. You are now ready to transact. As of now, only HDFC Bank debit or credit card holders with an Android phone (version 3.0 and above) can use the app. The app will gradually be made available on iOS. Further, only Visa or MasterCard can be used on the app. You are free to link as many cards as you want.

PayZapp’s USP lies in its simplicity and the reasonably wide range of uses. For one, once you log in using your secure PIN, you are not asked to enter the PIN or any other security code for every transaction.

Second, the instant topping up of the wallet also means that you don’t need to unnecessarily keep money locked into the wallet. Three, executing transactions is very easy. So, if you want to transfer money to someone, all you need to do is click on the ‘Send Money’ option, choose the phone number or email ID of the person concerned, enter the amount and the money is transferred in a matter of seconds.

But the recipient too must have, for now, PayZapp installed. This means that the recipient can use the amount only to shop or pay bills, since it will not go directly into his bank account. Bill payments too can be done in a similarly simple fashion under the ‘Bill/Recharge Pay’ option.

You can recharge your own, or one of your contact’s mobile phone, whether pre-paid or post-paid. You can book hotels too — choose the city, duration of your stay, the price range and the app lists out the hotels with the range of rooms available.

The app also helps you locate restaurants based on location and cuisine along with the discounts on offer. You can also shop at partner apps and websites, such as Flipkart, BigBasket, Cleartrip and MakeMyTrip and avail offers meant exclusively for PayZapp users.

These options are, however, not available on Chillr, which allows only money transfers (between bank accounts), recharge and bill payments and split bill functionality.

Next, if you are paranoid about the safety of banking transactions on a phone, there’s comfort from the fact that PayZapp is not directly linked to your bank account, and accesses only your cards. Apps such as Chillr, on the other hand, are linked to your bank account. Also, since no banking data is saved, somebody who gets hold of your phone in case you lose it, cannot access sensitive information. Inform the PayZapp helpline on 1-800-102-9426 about the loss in order to get the app blocked. Ask your telephone service provider to block your mobile SIM too.

PayZapp also has a security feature for the forgetful. There is an automatic logout 20 minutes from the time of last activity on the app. You can also use PayZapp to create virtual cards that can be used to pay for shopping without having to reveal the details of your underlying debit/ credit card. So, if you want to pay off your bills, book tickets and shop in a convenient and secure way, consider using PayZapp.