After demonetization of currency notes of Rs. 500 and Rs. 1,000 on 8th November by Government of India, and the scarce availability of new currency notes, people who primarily deal with cash are facing hardships. Those who are comfortable with online transactions are less affected but there is a need to connect the online and offline world. E-wallets in the country provide an easy method of making payments for almost all your needs of daily life. In current scenario, the e-wallet has become one of the most vital technology tools.
What is e-wallet?
In simple terms, e-wallet is your electronic purse lying safely online and instead of keeping hard cash in your pocket, you can use your e-wallet for offline and online transactions through a computer or smartphone/tablet. It works exactly like a debit card and the moment you make any payment through it, the payment is deducted instantly from your account and credited to the beneficiary’s account. You can fill your e-wallet by linking your account to your credit/debit card or via your bank account. The beauty of e-wallet is that it is protected with a password and can be used for making payment for various services. It is also accepted at the retail counters and at other utility service provider’s counters.
What is Paytm?
There are many ways to use e-wallets which is now burning need of the hour. One such popular e-wallet app is Paytm which allows you to pay for various services, receive and send money, and also provide a platform to do online shopping. Paytm is very simple to use and easy to download for operation on your smart devices. You can use Paytm to recharge your mobiles, DTH services, pay electricity, water and gas bills, pay to Uber/Ola or any other cabs services, buy movie tickets, airlines, bus and rail tickets, groceries, book few vehicles etc., and also do shopping for various items at attractive prices.
It is very simple procedure to download Paytm app ( http://p-y.tm/tFHQ ) from different Stores of your device and can register your account with your password and mobile number.
How to Download Paytm app
Visit Apple’s App Store, Google’s Play Store, Blackberry App Store or the Windows App Store on your smartphone. Tap the search box and enter Paytm in the search box field. Select the Paytm app and click Install.
Note: Ensure that you do not sharey our Paytm Wallet password, Credit/Debit card pin or other confidential information with anyone.
How to Signup
When you open the app, you would be required to fill your password for opening it and do the transactions and make payment. The other plus point of this app is that you can transfer the amount also to your friends and relatives to their Paytm account by simply filling their phone number and the payment is transferred instantly.
How to Add Money
You can add money to your account by tapping on Add money icon on the app by filling the amount and by hitting the Add money icon. You will be given options to add money via credit/debit card or netbanking. Whatever options you choose then you have to fill the necessary details to complete the process and hit the Pay now button.
To Send Money
You can send money by simply scanning a QR code or entering a mobile number or showing a code to transfer funds to another person.
You will receive a confirmation SMS when done. Currently, there is limit of Rs. 5000 to be transferred at a time and one can transfer maximum Rs. 25,000 per month via Paytm.
How to Pay
To pay a vendor or make any form of payment you can click on pay/send money, scan the QR code of the merchant and enter the amount and click pay. You will get a confirmation SMS for the transaction.
How to Send Money from Paytm to Your Bank Account
You can transfer Paytm currency from the Paytm app to your bank account by:
- Opening the Paytm app
- Selecting the ‘Passbook’ option from the home screen
- Click on Send Money to Bank
- Click on Transfer to add your bank details
This wallet of Paytm is what India needs for leading cashless life and can be utilised now online and at multiple locations. For instance, I have been making payments of all my daily needs, paying all bills via Paytm and am quite comfortable with minimum cash dispensed to me which I require to pay to my domestic servants. So have you tried Paytm today?