Off late we have been hearing about the paytm cash, paytm coupons and easy payment through paytm.
Paytm is a mobile e-commerce company which has carved its name within short span of time. Initially, the company provided simple service of mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps.
Paytm acts as a virtual wallet where you can store money online and can be used instead of debit/credit or net banking. However, to transfer the amount to the wallet, you may need any of them.
Paytm app is best for individuals who find it difficult to make payments of DTH, Mobile recharge, or send money to friends, pay for purchases across various brands and services like Uber, Makemytrip, Bookmyshow etc.
The Reserve Bank of India has set a basic monthly limit. Individuals cannot keep or spend more than Rs 10,000 in your wallet in a month. While, if anyone looking to upgrade the limit to Rs 1 Lakh, you can get the account verified using the KYC process.
How to use Paytm app?
All you have to do is register & start using it.
1. Register & verify account
2. Add money to Paytm Wallet
3. Pay using Paytm Wallet
The stored money in your virtual wallet on Paytm is called as Paytm Cash. The cash can be used to make mobile, DTH, data card or smart tag recharge or bill payments. The Paytm Cash can be used for all the transactions on all paytm apps and mobile site as well.
When will a customer get a Cashback on Ppaytm app?
After a successful transaction, the cash back takes 24 hrs to be credited to your Paytm Wallet. In case of shopping, cashback will be credited into your Paytm Wallet within 24 hrs of your item being shipped. In case of EMI, Cashback gets credited once the return period gets over
How can I transfer money from paytm wallet to bank account?
This facility is available on Paytm Wallet app only. Please install the wallet.
Once you log in, you just have to select "Bank account" option in the Send Money tab, enter requisite details and click on Send money. The money will be transferred. Paytm will charge a convenience/processing fee of 4% for transferring money to bank account.
Offers and Benefits
Paytm offers many exciting coupons that give you great discounts on a wide range of sites and products. On every, successful recharge, coupons are delivered on mail Ids.
Customers to be benefited are the ones who have a Promo code and can avail discounts by entering the code on the payment mode screen.
Paytm online transactions are considered safe as millions of users transact on Paytm's secure payment platform every month. Mobile app is free and can be downloaded here.
BHIM Approval for paytm
In 2016 Paytm got approval for operating as Bharat Bill Payments Operating Unit as announced by RBI. Due to which Paytm customers can pay all their bills anytime and anywhere under the Bharat Bill Payment System (BBPS), as paytm is one of the companies which have received licenses to provide platforms to offer these services.
Paytm also becomes the first virtual wallet to get green signal from Reserve Bank of India to launch its payments bank and it expected to start by next month.
Payments bank means a bank which can accept deposits from individuals and small businesses of up to Rs 1 lakh per account.
"Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. We can't wait to bring it in front of you," Vijay Shekhar Sharma, founder of One97 Communications, said in a blogpost.
Paytm is aiming to build a new business model in the banking industry. Focusing on to bring financial services to every individual and small business merchants.
Paytm is planning to launch operations its first branch in Noida, Uttar Pradesh next month.
However, the Chinese entity the Alibaba Group which is a major shareholder in Paytm will not have a direct shareholding in the payments bank.