They both are peer to peer expense management apps, allowing us to split our expenses with friends, pay fixed recurring expenses, and simplifying our debts. In today’s times, this is extremely beneficial for the time-crunched generation of ours. Not only is a lot of time but also effort is saved.
But there are some major feature often wished for in SplitWise:
- Lack of Payment Option
Though SplitWise does a marvelous job in splitting the bills and even sending out reminders for friends to settle up, one major feature that it lacks in the direct payment option in the app itself. One has to switch over to a third-party app or pay up in cash. This often leads to discrepancies as one might forget to notify “settled” in the app and then the balance keeps popping up for all future settlements. Having an integrated payment system would help us save all this extra effort and boost the transition into a cash-free financial ecosystem.
- Stacked list of Expenses
Every bill payment or expense is added as a new entry in the app, but there are situations where one needs to revisit their old expenses or needs to review and recheck whether a particular pending expense had been paid or not. In such a case, SplitWise has no option to search for expenses through bill names, categories, or friend’s name. This leads to meticulously going through a long trail of past expenses and praying that the expense gets caught by your eye. A small ‘search’ feature would go a long way in easing up our lives.
- Expense Management System
SplitWise features the categorization of the expenses into groups like groceries, dinner, travel etc. Apart from simply grouping expenses into these categories, an extended version of this feature would serve as a magnificent expense tracking tool. Since this app has all the expenses borne by one throughout the month, having a simple chart or summarized dashboard highlighting the major spends by category would help us realize what categories and how much are we spending on them, and thus take necessary corrective actions in case they are overshooting their budgets.
- A Simple Calculator
Not everybody is good at maths! A simple calculator incorporated within the app would prevent from juggling between SplitWise and the phone calculator every time a cumulative expense needs to be added. Frequently the need arises to add up multiple expenses before making a single entry in SplitWise. A basic calculator would cut short all the switching between the apps.
- Manage Temporary Friends
Not every person on a trip is on our contact list. It often becomes difficult to add and manage friends who are not on our friend list. This leads to having a ghost entity in our expense splitting group rendering the entire exercise of splitting bills futile. Having a feature to add temporary friends without having all their contact details or without going through the hassle of having them set up their account in SplitWise would be tremendously helpful.
While SplitEase too is playing in the same niche of peer-to-peer transactions, it is a super app that also encompasses personal finance management features.
A comprehensive overview of SplitEase’s distinct features are:
- Virtual Accounts and Card
A unique yet useful move by SplitEase is providing its users with a virtual account and card which can be used for all kinds of online transactions both in and outside of SplitEase.
- Budget and Balance Alerts
SplitEase allows its users to set up budgets for a specific time period or for particular events. This features doubles up as personal finance management since not only can all your personal expenses be tracked but also managed with respect to the defined budgets, helping us inculcate better money management habits! The balance alert is an additional cool feature that reminds to clear up all debts and also reminds you to pay up when your debts cross your threshold limit.
- Super App for UPI Payments
Not only does SplitEase allow you to clear all your payment from the app itself but it also enlists all the available UPI payment choices. The need to switch to a third-party app for payment is completely overcome. One can choose whichever payment method is required for paying up expenses all with one click.
- Single Expense Panel
SplitEase has a comprehensive panel where all the transactions of the user are listed all in one place. This helps in better finance management as one can see the major expense categories and also if required can search for any particular expense that had been incurred in the past. All personal and group expenses are summarized with exhaustive charts for your benefit.
- Multi-Linguistic and Currencies
SplitEase not only supports real-time language conversion but also has support for multiple currencies. With support for more than 20 currency, SplitEase lets you add expenses in one currency and receive payments in the currency of your choice. This feature simplifies any of the complexity one faces in all those international trips.
With both these apps providing the best user experience, SplitWise has been at an advantage of being the market mover in the peer to peer transactions. SplitEase provides a more comprehensive set of services that expands into personal finance management as well. The decision now rests with the jury (our loving audience….obviously) to decide which app is better servicing our needs…!!
Hurry, Join now to ease your financial life: https://splitease.com