What is Paytm and How to use it

Paytm is India’s largest mobile payments and E-commerce platform. Paytm initially started off as just an online mobile recharge and bill payments service. However, the list of features that it offers has expanded rapidly. Paytm can now be used as a digital wallet to pay tuition fee, to recharge metro card, for insurance payments and most recently, even as a bank.

What is Paytm wallet?

So let us come to the most fundamental question, what is Paytm wallet?

Paytm provides a digital wallet service. Using this, people can transfer money into their Paytm wallet using their credit/debit card, UPI or via Net banking. Once the money is in the wallet, you can transfer it to any other user or use it for paying for services on Paytm. These services also enable you to send payment from Paytm wallet using your bank account.

How to use Paytm?

To use Paytm, you would first need to download and install the app on your phone. Alternatively, you can even use their website. You would then require to register yourself on the platform by providing your mobile number, email ID, and other details. Finally, you will be asked to verify your email address by clicking on the link sent to your inbox.

Note: After the recent RBI guidelines, one must complete KYC in order to completely utilize all the features offered by Paytm.

Now that we have a Paytm account, let’s have a look at how to use Paytm.

You can use Paytm for the plethora of features it offers. Here are the steps involved.

How to recharge and pay bills on Paytm:

  1. Open the Paytm app or the website.
  2. On the home screen of the app/website, select your option from the various categories i.e. mobile prepaid, mobile postpaid, etc.
  3. Enter your mobile number or respective customer number in case of bill payments.
  4. Enter the amount you want to pay and click on proceed.
  5. On the next screen, you have the option to use cashback promo-codes which are additional cash back services for using Paytm. This step is optional.
  6. After applying the promo-code, click proceed.
  7. You can pay either by using the money in your Paytm wallet or other payment options like debit/credit card, Net banking or UPI as well.
  8. On a successful transaction, your payment is completed instantly.

How to pay other Paytm users and merchants:

  1. You will first need to transfer money to your Paytm wallet.
  2. Select ‘Pay’ from the home screen of the app.
  3. Scan the QR code of the merchant store/other user or enter their Paytm number.
  4. Enter the amount of money that you wish to transfer and hit proceed.
  5. The money will be transferred to the receiver’s Paytm account.

How to use the Paytm wallet to shop online:

Many websites offer Paytm as a mode of payment. You can use these steps to pay online with a Paytm wallet:

  1. Select the products that you wish to buy.
  2. Check out as you normally would.
  3. In the payments tab, select Paytm as the mode of payment and click on continue.
  4. On the next screen enter your Paytm number.
  5. An OTP will be sent to that number and you will need to enter the OTP to complete the payment.
  6. Once the OTP is correctly entered, the amount is deducted from your Paytm wallet and paid to the merchant.

NOTE: In case your Paytm wallet does not have sufficient funds, you will be redirected to add the amount required to complete the payment.

How to book tickets on Paytm:

Paytm lets you book movie, train, bus as well as flight tickets.

  1. Choose the type of ticket you would want to book from the list provided.
  2. In case of movie ticket booking, select the movie from the list. Then select the cinemas you would like to watch the movie at.
  3. You will then need to specify the date and the show time of the movie.
  4. Select your desired seats from the ones available and click proceed.
  5. Select the mode of payment from the list of available payment methods.
  6. Complete the payment and you will be notified of a successful transaction.
  7. Your tickets will be available on the app and be delivered to your email ID.

How to use Paytm as an E-commerce service:

Paytm has their own e-commerce service called the Paytm Mall. You can use this as you would normally use any other e-commerce website.

  1. Go to the Paytm mall website/ app.
  2. Select the products you would like to buy and add them to the cart.
  3. Click on checkout and enter your address and hit continue.
  4. Select the mode of payment from the list of available payment methods.
  5. Complete the payment and your order will be delivered to your address within the estimated time.

How to use Paytm to buy gold:

Paytm lets its users buy gold online. Users can accumulate gold by purchasing it in very small amounts, starting at a price of Rs. 1.

  1. Click on the gold option on the Paytm app.
  2. Enter the details requested on screen and click on proceed.
  3. You can now purchase gold either in terms of price or weight in grams.
  4. Enter the amount you want to purchase and click on continue.
  5. Select the mode of payment and complete the payment.
  6. Your gold is stored in a locker and available for delivery at your request.

Transfer money to bank using Paytm:

  1. Click on the Passbook option on the app.
  2. Then click transfer to bank account.
  3. Enter the bank account details requested on the next screen.
  4. Enter the amount you want to transfer to the bank and hit continue.
  5. A nominal fee is charged for this transfer.
  6. Once confirmed, the amount will be instantly transferred to your entered bank account through IMPS method.

Paytm offers a wide range of features which is the reason for its popularity as a platform for mobile payments in India. With the recent launch of the Paytm payments bank service, anyone can open a savings account with Paytm. The Paytm wallet can be used instead of a regular wallet to pay at even merchant stores. Paytm is on the path towards revolutionizing the financial market, with many other innovative features slated for future versions.

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