After announced the demonetization of the Rs. 500 and Rs. 1,000 notes, Paytm and other mobile wallets have enjoyed tremendous growth.
After demonetization atmosphere has been good for business for PayTM and other mobile wallets.
PayTM claims to have more than 150 million users, which makes it the largest online payment platform in the country.
Despite this, there are many more people in India who are still not using PayTM and its digital wallet. Do you have a lot of confusion about what is PayTM.
How does PayTM work and what can you do with it? Then read this guide to use PayTM.
What is Paytm?
Paytm is a digital payment platform owned by One97 Communications, which allows you to transfer cash through integrated online banking, debit card and credit card, or by depositing cash through selected banks and partners. Using the money in PayTM Wallet, you can pay for many things without using cash.
The transactions you can make on Paytm include postpaid payments for mobile phones, metro cards, DTH cables, data cards, etc. as well as mobile phones, landline / broadband, electricity, water and gas bills etc.
Book tickets for bus, train, flight, movie, hotel rooms, etc. and use the platform to pay for a ride on a Uber cab. In addition,.
you can use the wallet to buy goods on the company’s e-commerce platform, and even make offline payments on more than 8 million merchants, Paytm claims.
Paytm Mallet, as mentioned above, is a digital payment instrument where you can use your bank account or credit card for trading on the platform.
In order to set up Paytm account and transfer cash to Wallet, you need to set up an account using your mobile phone number and email id.
You can add up to Rs. 10,000 in a month in Wallet; If you want to increase the monthly limit, you can get the KYC (Know Your Customer) processor. With this you can get Rs 1 lakh Paytm limit.
How to use Paytm
- Set up your Paytm Account using your mobile number and email ID
- Add some money to your paytm wallet using NetBanking, Debit Card or Credit Card
- To transfer money to someone else, choosing ‘pay or send’ option
- You can pay a QR code and pay it to others on the Petty or in the bank accounts.
- Alternatively, you can send money to any other mobile user through their phone number
Paytm for offline payments
You can make cash-less payments using Paytm wallet without internet connectivity.
If a retailer accepts Paytm as a payment method, you can use a QR code or barcode with a one-time password (OTP) to pay them.
To do this, you need to open the app, select Send pay or send option, and choose between the QR code or the bar code.Just scan the code and enter the OTP to authorize the payment.
This facility can be especially useful now when the entire country is facing a shortage of cash and internet connectivity is still not enough to facilitate online transactions.
Paytm Wallet Is safe
Security comes at the top of everybody’s mind when it comes to any digital, but Paytm – which is the wallet approved by the RBI
Says that the money you put in the wallet under the escrow account with a reputable bank Is protected.
Certified 128-bit encryption technology, which means that the secret key used in transactions is a sequence of 128 bits and does not reveal anything about password length or content.
The platform is PCI DSS 2.0 certified, which means that it does not store credit card data in unencrypted form.