A journey from ATM to Paytm
India as a country has become a tech-savvy one. The digitization theme gained significance as the Modi government came into force. The economy decided to go cashless and paperless. Following this, the story of demonetization came into the picture. During this event the ATM’s often ran out of cash and the government announced a limit to withdrawals per account. This was when the markets for online modes of transfers picked up. One of the eCommerce payment systems is the Paytm app.
The Paytm app grew its scope and reached even to the farmers. Cities such as Chandigarh, Amritsar, and states of Bihar and Maharashtra preached the policy of going cashless and saw the growing need to adapt to such a scenario. This was precisely when digital payment modes outperformed. “Paytm Karo” became the talk of the country. Thus, began the journey of Paytm into the Indian economy.
What is Paytm?
Since India decided to adapt to digital means of money transfer Paytm gained the reputation. It became India’s largest mobile payments and mobile platforms. The Paytm wallet ensures speedy transfer from mobile to mobile at no cost at all. The Paytm wallet is an electronic wallet where the money gets stored. The money is used to make payments at several places even taxis and autos. It also helps you pay for movie tickets, recharges, and acts as a channel in between to make many online payments. Go cashless by recharging your Paytm wallet. Do not worry about carrying cash.
How to download the Paytm app?
- Firstly, go to play store and then click the download symbol/ button
- Upon installation click “open.’
- Then select your preferred language.
- If you already have a paid account then insert the registered mobile number and Paytm password.
How to register me?
- If you haven’t registered yourself, then press on create a new account
- After-which, add your mobile number and create a password. (email address is optional)
- Paytm will send you an OTP. Insert that code and click “done.”
- Then enter your details as furnished.
- The app will require you to set a Paytm pass-code. This code will help you have a secure login every time you want to enter the app.
- You may also add the fingerprint if the phone has the option as the code.
- Your instant registration will take place.
The step by step guide to add to or transfer money from your e-wallet:
- Firstly, open the Paytm app and select “add money.”
- Select the preferred payment option from the debit card, credit card, and net banking options.
- Enter your personal and card details.
- The Paytm wallet will be recharged successfully.
- To pay and send money from the wallet you can use the QR code
- You may also enter the merchants/ receivers mobile number to initiate the payment.
- Enter the required amount.
- Always tap on the “pay/send” option.
- Finally, your money is always safe and to know your monthly or weekly transactions you may click the Passbook option and check the statement.
- Firstly, KYC is a statute, and if you haven’t done your KYC, then your Paytm won’t work.
- To check your e-wallet balance go to your passbook and se.
- You will not be able to transfer the money in the e-wallet to anyone or your bank account if you do not register yourself with KYC.
- If you do not complete your KYC, you will get a message stating the “request failed”
- Click on the “KYC” button and proceed button.
- Enter your 12 digit aadhaar number and click agree.
- If you do not have an aadhaar, you may also choose to insert any other government ID for validation of the Paytm account.
- Insert the government ID details
- Tick the “I agree to the terms and conditions box” and proceed.
- Then the app will send you an OTP on your mobile number, linked to the ID you choose to update.
- Verify the aadhaar card details when it loads and clicks on “Yes it’s me.”
- A new interface will pop up, and you may fill in those details.
- “Your details have been accepted” is the next message you’d receive.
- In case you do not receive this message Paytm will send one of their representatives to visit your house and personally verify your details and identity.
- It takes one week for the confirmation of the KYC.
- After this, you will receive 200 Rs in your e-wallet.
What are the features of Paytm bank?
The Paytm app eventually developed some cool features and with these features it also established some disadvantages. They have overcome some. The ten basic features of the Paytm bank are:
- The RBI has provided for such banks recently, and they can only deposit money. They can also facilitate the fund transfer from one bank to another. They cannot lend money or issue a credit card. Only a savings bank account and a current account can be accommodated. Hence, one may not find all the banking services in such a payment bank.
- One may open an account easily from the Paytm account opening an app. This process is user-friendly and quick to complete. This bank may also need a physical verification of the KYC. The KYC form is available on the app itself, and the representative will visit your house to complete the KYC process. For the KYC you will need an address and ID proof.
- Many regular banks may require maintenance of a regular balance in the savings account. A penalty may also be levied in case of falling short of the minimum balance criteria. Hence, Paytm bank is a better option as it doesn’t require you to maintain a minimum balance.
- This bank is mainly useful for online transfers and does not charge for online fund transfer. It may be done through UPI/IMPS/NEFT. The UPI transaction charge is nil from banks as well. The banks as we know charge a certain transfer fee.
Here are some more important features:
- A Paytm bank user is not entitled to open an FD account. However, an option is available to the user in case they want to open an FD in partnership with the Indusind bank. Paytm makes for the facilitator and you do not need to visit the branch of the bank. You may also fetch the amount from Paytm if required and won’t be charged for breaking your FD. The Paytm account will open an FD itself if your deposit amount exceeds 1lakh. A user is not allowed to keep more than 1 lakh in a saving account.
- Paytm doesn’t charge for SMS alerts.
- International payment is not possible. A Rupay debit card is issued in digital format, and the user would get the card number, expiry date, and CVV which are required for online transactions. No charge is levied for such a debit card.
- The Paytm bank has also come out with the physical debit card, and charges are applicable for the tangible card.
- No cheque or DD is issued which means that the user is not allowed to make third-party payments using a cheque.
- Paytm bank does not charge for any fund transfer but charges for transactions from its wallet to the bank account. While both remain a part of the same app a heavy charge of 3% is levied.
- This bank has very few branches, and it would be difficult in case you may need to visit the branch. However many ATM’s accept the Paytm debit card.
Application for the Paytm app debit card?
Users may request for a bank debit and ATM card. You opt for the digitized card or pay for the physical card. They may do this using the Paytm app and may use it to withdraw money from any ATM in the country. They may also use it to pay at any stores that have a card swiping machine. Steps to follow to order your Paytm debit card:
- Click on the Paytm bank icon on the app’s home screen
- Then select the debit card option
- Go to request card.
- Insert the delivery address and verify the look of your card. You can also customize your card with a picture you may like on the face of it.
- Then proceed to pay.
- Once the payment is complete, the debit card will reach your address in 2 weeks.