Paytm Wallet App

Paytm Wallet App: Overview

Introduction
 

Paytm is one of the largest payment solutions providers, digital goods and mobile commerce platform of India. It is a payment platform which enables you to add money to your virtual wallet and use it to pay for a number of goods and services in a cashless manner. It is One97 Communication’s flagship brand, headquartered in Noida and has a number of marquee investors such as Alibaba group, Ant Financial (Alipay), Sapphire Venture, SAIF Partners and Silicon Valley Bank.

Supported Platforms

Mobile App - The mobile app for Paytm can be downloaded from iOS App store, Android Playstore and Windows store. You can use this app to:
 

  • Transfer money
  • Purchase merchandise
  • Pay utility bills such as gas, water and electricity bills
  • Recharge mobile, data card, metro card and DTH
  • Pay landline, broadband and postpaid bills
  • Pay school/college fee or insurance premium
  • Make flight, train or bus bookings and to pay for  Uber cab rides

Web Interface- You can also visit the Paytm website and use your credentials to login to your account and access your Paytm wallet. The web interface supports all the above features except for transferring money to a friend, acquaintance or merchant.
 

Apart from the app and web interface you can access your Paytm wallet even without internet connection. You can dial their toll free number and transfer money from your Paytm wallet to any other paytm wallet user. For doing this you need to generate 4 digit Paytm PIN on call, which you will be required to enter while making the transaction.

Ways to Add Money

Through app:


You can add money by clicking on the add money option on the homepage of the app. You can use one of the many options from credit card, debit card, net banking credentials, ATM card and UPI ID to add money to your wallet.


Credit Card- Use your Master card, Visa, American express or Discover credit card to add money to your Paytm wallet and earn reward points for credit utilization. Paytm follows the two factor authentication method for verifying your payments.


Debit/ATM Card- You can also recharge your wallet through ATM or debit card. Paytm has special offers for Rupay debit card users. With every Rs 250 added to your wallet through a Rupay card, you get an additional balance of Rs 25 in your wallet.


Net banking- You can use your net banking credentials in case you don’t have your credit or debit card handy, to transfer money from your bank account to your Paytm wallet.


UPI Id- Paytm has recently launched this feature to enable UPI users to add money to their Paytm wallet. For doing this, you can choose UPI as the payment method, enter the amount, enter your virtual address and then click on ‘Pay now’ option. You will see a collect payment notification if you have a UPI enabled app, you can then select the respective transaction and click on approve for the payment to be processed.


Through Web:


While on the web interface, you can click on the Paytm icon on the top right corner of the home page and then proceed by entering the amount to add money to your wallet. Clicking on the ‘Add Money’ option will redirect you to a secure payment page, wherein you can enter details to process the transaction. You can use your credit or debit card details or net banking credentials to add wallet balance to your Paytm account. There is also a saved cards option on both app and web interface for quick processing of payments.


Through cash points:
 

Paytm has over 2 lakh cash points across the nation in their network, where you can go and convert cash into wallet balance. Many local kirana stores also serve as Paytm cash points.   


Through other Paytm User:
 

Another way to increase your Paytm balance is to request a friend or acquaintance to transfer money to your wallet. You can pay them later by other means. Paytm does not support inter-wallet operability as of yet, and therefore only a paytm wallet user can transfer balance and add money to your account.

Ways to Receive Money through Paytm

Through QR Code: Every Paytm wallet user has a unique QR code which belongs to their wallet app. You can find your own code by clicking on the accept payment option on the home page of the app. You can get a print out of this code and place it suitably to quicken the process of accepting payments. For sending payments through QR code, one simply needs to scan the code and enter the amount to be paid.


Through Phone Number: Every Paytm account is also linked to a particular mobile number which can be used for sending or receiving payments. You can share your mobile number to receive balance directly in your Paytm wallet. This feature enables users to send money to their contacts in a quick and hassle-free manner.

Usage Limits

  • A KYC-verified account can have a balance of up to Rs. 1 lakh in its Paytm wallet.
  • A Non-KYC user can have up to Rs 20,000 balance in their wallet. Also on signup, you can add up to Rs. 20,000 in a month. Cashbacks can be delayed if the limit of adding Rs. 20, 000 in a month gets exceeded.
  • Paytm has waived all the charges for transferring money to your bank account from your wallet. You can transfer up to Rs. 25,000 into your bank account from your Paytm wallet (This limit is applicable for both KYC and Non-KYC users)
  • There is no cap on transferring money back to the source. So, for example, you have added Rs. 40,000 to your wallet using your credit card, you can transfer the entire amount back to the source without any trouble (the monthly limit of Rs. 25,000 will not apply in this case.).
  •  In a single transaction, you can send a minimum of Rs.100 and a maximum of Rs.5,000.
  • After initiating the transfer on the app, it may take up to 24 hours for the balance to reflect in your bank account.   

If you are a new Paytm user, you need to wait for 3 days before you are able to transfer money to your bank account. However, if you are a KYC verified customer, no wait time is applicable and you can transfer money immediately.

How Paytm ensures your security?

  • Using Paytm for money based transactions is completely safe and secure because it is PCI DSS (Payment Card Industry Data Security Standard) compliant. All Paytm based transactions are done with 128 bit encryption SSL security. Also your card details are safe with Paytm, since it never stores your CVV number. To ensure that customer’s money is in safe hands, Paytm monitors transactions to weed out any suspicious ones. 
  • There is an additional app based security feature for Paytm users. This feature enables you to set a password which you will be required to enter while accessing the wallet app. This is to ensure that anyone who has access to your phone cannot misuse your Paytm wallet. So even if you lose or misplace your phone, the money in your Paytm wallet stays intact.
  • Many people have concerns about the risk of potential stalkers or spam calls while making money based transactions through Paytm. To ensure your privacy Paytm only reveals the first and last three digits of your phone number in the account statement of the beneficiary.
  • Safety of users is also ensured at all the petrol pumps accepting payments through Paytm. The entire field staff are trained and sensitized and they are allowed to accept payments either at the sales office of the pump or at a safe distance specified by PESO (Petroleum and Explosives Safety Organisation) 

FAQs

1. What are the ways to check whether or not the payment is successful?
 

A. There are three ways to check this:
 

  • You can look for an SMS received from Paytm informing about the deduction in account balance.
  • Look for a post-payment confirmation screen on the app.
  • You can also check the payments made on the passbook section of the app or web interface

2. If I have sent money to a person who does not have a Paytm account, how will he or she receive the amount?


A. If the beneficiary does not have a Paytm account, he/she will receive a SMS with a link to create an account. However, if the account is not created within 3 days of your sending them money, the amount will be refunded to your Paytm wallet.


3What all charges are applicable for sending money through Paytm app?


A. Sending money through Paytm is completely free and the entire amount entered is transferred to the beneficiary without any deductions.


4. What is the Push app notification payment procedure and where can it be used?


A. You can use Paytm wallet balance to pay at stores. After sharing your mobile number with the merchant, you will receive a push notification stating the merchant details and the amount requested. You can simply tap on the push notification and then click on ‘Pay’ for the payment to process.


5. What kind of limit is applicable while sending money through Paytm app?


A. In a calendar month, you can only send up to Rs. 25,000 to another Paytm user or to your bank account.

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