What is Paytm?
Paytm, owned by 197 Communications, is a digital payment platform that allows you to transfer money into the integrated portfolio via online banking, debit and credit cards, or even by depositing Money through selected banks and partners.
By using the money in the Paytm portfolio, you can pay for a number of goods without using cash.
Among the transactions you can make on Paytm you will find charges for mobile phones, metro cards, DTH cable, data cards, etc., as well as postpaid payments for mobile phones, fixed / top phones Electricity, water and gas. Book tickets for buses, trains, flights, movies, hotel rooms, etc. And pay for Uber taxi rides using the deck. In addition, you can buy products on the company’s e-commerce platform using the portfolio, and even make offline payments to more than 8 lakh merchants, Paytm claims.
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What Is Paytm, and How to Use Paytm Wallet? Is Paytm Wallet safe?
Paytm Wallet, as mentioned above, is the digital payment instrument where you can transfer money from your bank account or credit card to use for transactions on the platform. You must set up an account using your mobile phone number and email ID to set up a Paytm account and transfer money to the paytm wallet. You can add up to Rs. 10,000 within a month in the Portfolio; If you want to increase the monthly limit, you can get the KYC processor (Know Your Customer). With this, you can have up to Rs. 1 lakh in the Paytm wallet at any time.
How to use Paytm offers and Paytm Wallet?
- To use Paytm Wallet and trade without cash, follow the steps below:
- Set up a Paytm account using your mobile number and email ID
- Add money to your Paytm wallet using a net banking, debit card or credit card
- To transfer money to someone else, select the option ‘Pay or Send’
- You can make payments to third parties or bank accounts on Paytm by analyzing a QR code
- You can also send money to another Paytm user via their phone number
How to use Paytm for offline payments?
You can make cash payments without Paytm Wallet even without internet connection. If a retailer accepts Paytm as a payment method, you can use the QR codes or bar codes and a unique password (OTP) to pay for them. To do this, you must open the application, select the “Pay or Send” option and choose between the QR code or the bar codes (provided in two separate tabs). Simply scan the code and enter the OTP to allow offline payment. This feature can be particularly useful right now when the whole country is facing a cash crisis and Internet connectivity is still not good enough to facilitate online transactions.
Is Paytm Wallet safe?
Security is at the top of everyone’s mind when it comes to everything digital, but Paytm – which is an RBI-approved wallet – says it keeps the money you put in the wallet is ” Protected under an escrow account with a reputable bank. ” PayTm uses Verisign-Certified 128-bit, which means that the secret key used in transactions is a 128-bit sequence and does not reveal anything about the length of the password or content. The platform is PCI DSS 2.0 certified, meaning that it does not store credit card data in unencrypted form.
What are the alternatives to Paytm?
While Paytm is the dominant player in digital payments space, others are not too far behind. FreeCharge, MobiKwik, Ola Money and PayUMoney from Snapdeal are other names in this segment that are also popular, each with its own distinctive feature. Read our in-depth comparison of mobile portfolios available in India.