The inaquadency of cash after demonetisation in 2016 has to lead to the rise of mobile wallet such as Paytm. It has become a requirement for common people to have an account on any of the money wallets.Over 150 Million have downloaded Paytm. It is said to be the largest online platform for doing payments in the country.
What exactly is Paytm?
It is a platform for doing online payments where you can transfer cash into someone’s wallet through credit cards, debit cards and online banking. You can deposit cash through some selected banks and partners too. Paytm is owned by One97 Communications.
You’ll be able to do recharges for DTH cable, data cards, mobile phones etc. Postpaid payments such as Mobile phones, Gas bills, Water, Landline/broadband etc. Transactions for travelling such as buses, trains and flights can also be done. Not only that, you can book movie tickets too.
To have Paytm wallet you just have to make an account by using either your mobile number and email ID. After that, you have to transfer cash to your wallet. The limit of money adding to your account is Rs 10,000 in a month but you can get KYC to extend the limit. If you get you Know your Customer process down then you can add up to Rs 1 lakh in Paytm wallet.
Using Paytm and Paytm wallet
First, Make a Paytm account with mobile number and Email ID. By using net banking, debit card or debit card transfer money to your Paytm wallet. Press on the “Pay or Send” button for being able to transfer money to someone. After scanning a QR code you can transfer money to bank accounts. Money can be transferred through someone’s phone number
Making offline payments through Paytm
Now you can even make payments without having access to the internet. You have an option to pay a retailer(if they accept payments through paytm) by using QR codes or bar codes with a One – Time password. To make this happen, you just have to choose between Bar codes and QR code. Then scan the code. Enter the OTP so that you can authorize the payment offline. This feature is very useful since even though we have good network operators such as Reliance Jio, connectivity problems are faced by a lot of people in the country.
Is Paytm really safe?
The Digital world is not always safe nowadays, due to many cyber crimes and getting hacked etc. However, Paytm on the other hand is absolutely safe since it is an RBI reputed wallet. The money you save in your wallet is protected under Escrow account with a reputed back and it is said by RBI. The 128-bit encryption technology is used by Paytm.So that basically states that transactions have a secret key used in them which is a sequence of 128 bits. And we are also sure that it does not reveal any password or personal information about the owner of the account. It does not use credit card data in encrypted form and we know about it as the platform is DSS 2.0 certified.
Alternatives to Paytm
Paytm is maybe ruling the world of Online Money wallets but it does have some competition too. There are some other money wallet apps-
- Snapdeal- owned Free charge- it is a money wallet for financial services in Gurugram, Haryana, India.
- MobiKwik-This app was created in April 2009 but gained popularity in 2016 after demonetisation. It was founded by Bipin Preet Singh and Upasana Thakur. It is a privately held company and CEO Bipin Preet Singh.
- PayPal- It is an America based company that operates all around the world provides online payments. For online vendors, auction sites it acts as a payment processor. It is called a type of Payment rail. It was founded in 1998.
- PhonePe- This digital wallet was found on December 2015 by a group of members and is headquartered in Bangalore, India. It is the first payment app on UPI and it even went live in August 2016. It is available in 11 languages. This app is quite similar to Paytm and you can make payments of DTH, data cards both offline and online. You can book rides for Ola, Redbus and even Goibibo flights and hotels.