As there has been a shortage of paper money all over India , digital pocketbook are here to the rescue . Paytm wallet , a popular Mobile River eWallet has seen a massive increase in usage since PM Modi demonetised ₹ 500 and ₹ 1,000 currency to fight black money .
touch : Everything You Need To Know About UPI ( Unified Payment Interface )
What is Paytm?
Paytm is an Amerind E - commerce web site owned by the company visit One97 Communications . Back in Aug 2010 , it set out asPaytmonline.com , a simple web site to make wandering recharges and paying post - paid notice .
But from there it took a massive leap in 2014 when it entered the E - commerce field providing an experience like Flipkart , Snapdeal , and Amazon . Now it ’s a multibillion - dollar mark company which lot in various services such as — Mobile River and DTH recharges , pic tickets , book motorbus , flying and railway tickets and the ill-famed Paytm Wallet .
And of late , after government demonetising 500 and 1000 Rupees notes , Paytm has take care 1000 % growth in money add to the wallet and 400 % growth in the transaction value of offline payment . ( Source )
What is Paytm Wallet?
Well , Paytm wallet is like a digital bank news report . To open up a bank report , you have to jaw the cheeseparing bank , right ? But to get a Paytm Wallet account , you could simply register by just using your fluid number .
Now just like a camber account , you’re able to use Paytm Wallet to place and incur money to different people and merchants .
you may fund this Paytm wallet using Debit Cards , Credit Cards , Net banking story or receive money from other Paytm users . Similarly , with Paytm Wallet , you’re able to pay for various goods and services without the consumption of cash ; the transactions are completely digital . Paytm Wallet boasts of having more than 15 crore drug user , 8 hundred thousand merchants and more than 30 100000 transactions processed per day .
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How to start using Paytm?
As per run batted in instruction manual , to create a Paytm score , you need two things — amobile numberand you have to be over theage of 18 . Although an e-mail address is optional , we extremely suggest you use an e - ring mail reference for better account protection .
Simply download the Paytm App ( see link below ) or go to its website , sign up with your name and phone number . And from there you will incur a One Time Password ( OTP ) on the registered mobile . avow that , and from there you could get using Paytm after some basic personal info .
How to Add money to your Paytm Wallet?
Your Paytm wallet can be funded in ways mentioned below :
1 – Credit and Debit Cards issued by any Indian bank
2 – Netbanking
3 – Receiving money from other Paytm user
Related : Things you should jazz before using Online Banking in India
How much money can your Paytm wallet hold?
Well , this depends on what type of notecase account you have . There are two type of accounts and limit a Paytm exploiter can have .
1 – Minimum KYC ( i.e. Regular User ): maximal demarcation line of your wallet is ₹ 10,000
2 – Full KYC ( i.e. Premium Users ): maximal limit of your wallet is ₹ 1,00,000 .
fulfill KYC ( Know your customer ) requirements can extend the maximal limit point of money your Paytm notecase can hold . These necessity are set by the Reserve Bank of India ( RBI ) .
Difference between Paytm Minimum and Full KYC?
Someone who has not done his KYC ( verified his / her identity ) , has a monthly disbursal limit of ₹ 10,000 . A person who ’s discharge his Paytm Full KYC is known as a ‘ Paytm VIP client . ’
Update
antecedently , there was a big divergence between KYC and Regular exploiter . For example , regular user were charged 4 % while KYC users were charged only 1 % to send money from Paytm wallet to their banking company account .
But since last week ’s demonetisation policy by PM Modi , both Full KYC , and regular users are burden 1 % to reassign money from Paytm wallet to their camber bill . Paytm also shows the transaction costs before making the transferee , so that ’s nice .
How can a person get his KYC done on Paytm?
The steps are pretty simple . Just walk into your nearest KYC center with govt approved ID trial impression ( like Passport , DL , Adhar identity card , etc . ) , or if you live in a tier 1 cities , you’re able to book an assignment with Paytm interpreter , who will number to your station at your convenience .
Visitthis pagefor further data on how to get your KYC done .
Can you use Paytm for purchase at brick-and-mortar shops?
It depends on the merchant .
If the retail merchant take Paytm as a mode of payment , then you may scan the QR code which they will provide you or shift directly to their Paytm register roving number . The money is channelise in a flash .
If the retail merchant does not accept Paytm , then you’re able to courteously quest to make a Paytm news report , since it ’ll take only 2 minutes and they can always transfer this Paytm money to their bank account .
How much money can you send or receive each day on Paytm?
There is not a daily limit , but the monthly terminus ad quem is set to ₹ 25,000 . This is for both type of accounts ( Minimum KYC and Full KYC ) . But there is no outlay limit for Paytm Wallet at offline or on-line stores .
Also , you may always make multiple Paytm Account from multiple nomadic numbers , just like you may open multiple bank account with the same name .
How to send money to other person using Paytm?
To send off money to another someone who use Paytm , use the following steps .
1 – Open Paytm app and get across on ‘ give or broadcast . ’
2 – From here , select the second pillar , ‘ Mobile No . ’
3 – insert the receiver ’s registered Paytm mobile routine and the amount you want to send . you may also tot a short message , but that is optional . After this , wardrobe Send and the money will be sent instantly over . commemorate that there is no confirmation prompt after pressing Send .
How to receive money from another person using Paytm?
The summons of receiving money is simpler than sending it . you could just inform the other party of your mobile act register with Paytm . From there , they can travel along the process in the doubt above this one .
Though , if you own a store or something , I intimate you take a print out your ‘ Paytm QR code ’ and amaze it on the wall near the counter . This way , users can directly scan the QR codification from their Paytm app to transfer funds . You do n’t have to tell them your mobile number .
Seethis gifon how to post money to other Paytm exploiter by scanning the QR code .
Can Paytm be used as an alternative to NEFT?
Yes and No .
Yes , you may habituate Paytm as an alternative to NEFT , but this is n’t urge as there is a 1 % transaction charge for institutionalize money to a bank account .
Typically a bank charges 5.75 universal gas constant for NEFT up to 2 Lakh INR . And Paytm charges flat 1 % . So if we do the math , the charges are almost same for 500 INR , but as you go beyond that , Paytm becomes expensive . For example , if you place 25k from Paytm and NEFT , the former one will cost you 250 while the bank thrill will just around 5 INR .
However , under the current billet , it does make signified sometimes to use Paytm as an alternate to NEFT due to following reasons .
1 . Unlike NEFT ( or even IMPS ) Paytm transferral is instant while NEFT is done on banking hours .
2 . Also , you require to lend a beneficiary to do NEFT or IMPS which again takes few 60 minutes to even a daytime depend on the bank .
3 . While transfer money through Paytm , it shows the name of the beneficiary before you make the transfer . But in case of NEFT or IMPS , if you tot the incorrect A / c telephone number , the money will be debit to wrong account ( personal experience )
Though , please observe that you may not transfer more than ₹ 25,000 in any give month via Paytm and it ’s only because of current situation that the transaction fee is low to 1 % ( unremarkably for non - KYC user it ’s 4 % )
How much money can you transfer from Paytm to a bank account?
The single dealing limit is ₹ 5,000 , but the monthly bound is adjust at ₹ 25,000 . This is applicable for both types of Paytm write up ( Minimum KYC and Full KYC ) .
Is Paytm safe to use?
First of all , Paytm is a verified digital bank that has got it permission from RBI . This is not the subject with other online wallets .
Also , Paytm is protected with Verisign - indorse 128 - bit encryption engineering , so in theory it is perfectly good to employ as the key which is used to keep the data inviolate is encrypted with 128 - routine technology , and nothing about your secret datum will be disclose to hack even if they get workforce on your data such as passwords , circuit card info , etc .
How does Paytm’s business model work?
Paytm tries to make a profit with a few methods advert below .
1 – Paytm wallet defrayment desegregation
2 – Marketplace for item like Flipkart , Snapdeal , and Amazon
3 – Selling services such as tag engagement , public utility bill defrayal , etc .
4 – Financial ServicesAlthough Paytm CEO , Vijay Shekhar Sharma tell this retiring January that Paytm made an operational profit , the number were unrevealed which usually means that the in operation profit made was minuscule .
It should be kept in mind that Paytm is a booming clientele as of now , and as there ’s a lot of growth look now , specially after the demonetisation that India has seen in the preceding week .
List of popular places which accept Paytm Wallet.
Paytm wallet is accepted on a lot of websites such as BookMyShow , Foodpanda , Healthkart , IRCTC , LensKart , MegaCabs , Uber , Zoom in etc , with many offline stores accept it as well such as Big Bazaar , More , Mother Diary , Domino ’s , Pizza Hut , Croma and much more .
Can you deactivate your Paytm account?
There is no quick and simple way to deactivate your Paytm account , but if you are sure you want to get your account deactivate then you’re able to post an e - mail tocare@paytm.comfrom the e - mail address of your registered Paytm account , and you ’ll also have to mention the reason why you need your account to be deactivated . Paytm usually delete your account after this in 2 - 3 days .
What are Paytm Wallet’s competitors?
Paytm has plenty of rival in other E - wallet provider such as Mobikwik , Ola Money , PayUMoney , Freecharge ( Snapdeal ) , PayZapp , Pockets , etc . Although there are a lot of competitors to Paytm , as of now it reigns supreme over all others as many merchants and users have already adopt Paytm .
Wrapping Up
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