What is Paytm Wallet and how to use it
Paytm is one of the leading online money transfer app that successfully capturing the online payment services in India. Paytm recently started a new App namely Paytm Wallet. Paytm wallet acts same as your wallet that you carry in your pocket. You carry a bunch of cash in your wallet to make payment, pay bills, buy stuffs, pay for movie tickets, and pay to your cab drivers and what not. Paytm Wallet does the same thing that your leather wallet does. It carries balance and you will be able to make several payments, buy your movie tickets or pay to your cab drivers even when you’re out of cash.
Paytm Wallet is an application for the smartphones. Here you only need to put some balance just like our bank accounts for future use. When you are out for shopping or suddenly made a plan for movie but unfortunately you don’t have enough cash Paytm Wallet can help you there.
Uses of Paytm Wallet
Paytm Wallet will help you go anywhere cashless. Gone are those days when you have to carry a bag full of cash to the shop for shopping or buying stuff. The nation can go cashless if people use plastic money. But unfortunately not all shops or cabs carry the swiping machine where you can swipe your card. Paytm Wallet solves all your problems when you don’t have cash or cards to make payments.
- Pay your mobile bills also recharge your phone anytime with Paytm Wallet. Apart from paying bills and recharge you can also shop from online stores.
- Through Paytm wallet you can buy movie tickets from BookMyShow, pay to cab services like Uber, Mega cabs and such and also shop from HomeShop18, Fab Furnish and many more brands.
- Also you can help your friends through Paytm Wallet by sending them balance then and there. If your friend needs recharge or asks you to pay their bills, you can easily transfer the money to their mobile numbers.
How does it work?
As said that Paytm Wallet is just like our leather wallets full of cash that can be used for various purposes. One needs to register with the Paytm Wallet app and verify the account. After that the user can easily use it for various payment purposes through money balances. The process of registration is easy for any user.
- Step 1: Download the Paytm App on your phone from Google Store or Apple Store and open the app.
- Step 2: Sign up on your Paytm app by entering a valid mobile number and follow the next procedures shown on your screen.
- Step 3: Go to the cart on the right top of the screen and click on the Wallet button to confirm whether your account is verified or not. If there is a blue tick under your name then your account is verified, if not then you need to verify the account.
- Step 4: To verify the account one needs to request for the OTP. The One Time Password will be sent to your registered mobile number.
- Step 5: Enter the OTP to the dialogue box shown on your mobile screen and click on done/verify button. Your account will be verified within no time.
Adding money to Paytm Wallet
Adding money to Paytm Wallet is simple. You need to open the app and go to Cart. There tap on the Wallet. Once you will redirect to wallet you need to enter how much money you want to put in your wallet. Once you enter the amount tap on the ‘Add Money to Wallet’. This will bring you to the secure login to your account where you might need to give OTP again to proceed.
Once you will give all the information correctly you will be redirected to the payment page where you will find many payment options like Debit Card/ Credit Card, Net Banking and others through which you can add your bank account with Paytm Wallet. After the payment process your Wallet will be recharged with your desired balance. Now you can go anywhere without carrying cash and can use that money for further transactions. Mind it Wallet acts as debit cards but it does not generate any interest like bank accounts.
Transferring money to others
Wallet works as your net banking process as well. If your friend is out of balance in her/his Paytm Wallet you can easily send them money whenever you want. It is just like the normal bank accounts where we make online payments.
To send money to your friends just go to ‘send money’ option on the app and enter your friend’s registered mobile number. Your friend has to have a verified Paytm account only then she/he can receive the balance you will send.
Wallet Promo code, OTP and other scan code
Paytm keeps on offering various promo codes to the users. Generally Paytm runs a lot of contests and such for the users to give them the opportunity to win some discounts while shopping through Paytm. These promo codes are given them along with an expiry date within which one has to use the code. While making the payments you will be redirected to the payment page where you will find a button ‘I have Promo code’, by tapping on it you will get the box where you need to enter your promo code. Once you add the promo code you will get the discount on your final purchase price.
Transferring money from Paytm Wallet to Bank Account
If you get any refund after shopping through Paytm Wallet, you can transfer that money to your source account. All you have to do is request for refund and tap on the ‘refund to source account’ button to get your money back to your bank account.
Type of Wallet
|Minimum KYC||Full KYC|
|Balance can be added||10,000/- max||1, 00,000/- max|
|Send money to others||25,000/- max.||25,000/- max.|