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02 Dec

How to Use PayTM Wallet App – JSM

Paytm Wallet happens to be a means of digital payment instrument on Paytm with which you could make transfer of money from your credit card or bank account. Via this medium of Paytm wallet, you can conveniently make transactions on the Paytm platform.  

First to use the Paytm wallet, you will have to set up your account with your email ID or your phone number. After setting up the account, you can easily make transfer of cash to the wallet. In a month, you can add up to Rs. 10,000 in your Paytm Wallet. Of course you have the option of adding more money to your wallet exceeding the Rs. 10,000 monthly maximum. You then need to get your (Know Your Customer) KYC processor activated. With this, it becomes possible to add up money running into Rs. 1 lakh to your Paytm Wallet at any interval your convenience decides. But now how do you use your Paytm Wallet?

Earlier on we have stated that to enjoy the services of the Paytm Wallet making transactions comfortably without cash, you will first need to create an account with Paytm. We have also stated earlier that to do this, the process would ask for say your email ID or better still ask for your mobile phone number so you could get an account on the platform. Cool, so you can now add some money to your Paytm Wallet. This can be easily done with either your debit card or your credit card. Another option is to use your netbanking account. So if you have been able to get some money into your Paytm wallet, you are now allowed the unrestricted ease of carrying out transactions which run across settling bills, purchasing goods on the payment site, even getting your tickets. 

Alright so Paytm gives you the avenue to exchange money between two Paytm wallets: sending and receiving between two Paytm wallets as well as even transferring money to bank accounts. This is very easy to do. You will first have to choose the ‘Pay or Send’ option for which you will have to make use of a QR code for the completion the transaction. Another way round is transferring it with the phone number of the individual you are sending it to. 

As said It is equally very easy to add cash to your Paytm wallet.

First go to Paytm.com after which you could log into your Paytm account tapping on “Paytm Wallet” icon which is appearing by the top right of your Paytm page. Good, now fill in the amount you intend adding, then tap “Add Money”. At this juncture you have the option of choosing between adding money to your Paytm wallet through IMPS or ATM card, Net Banking or more commonly through your Credit/Debit card. Alright if you have followed the instructions correctly, you will be redirected to a secure payment page. There you will be demanded to fill in the corresponding payment details. In the case where you have saved any saved debit card or debit card, it will pop up such that all you need to fill in at this point is your CVV number. From there you can move to the bank page. On the other hand, if you are yet to save any credit or debit card, you could make your choice of saving a card for subsequent purpose. Such that it is actually faster adding money to your wallet next time. Cool, so once you are through, type in details on your bank’s page finishing the transaction. If you have successfully completed the procedures, you will led back to Paytm with money transferred to your Paytm wallet

Yes it is also very possible carrying out withdrawal of money from Paytm Wallet to your bank account. So when you have your money in your Paytm wallet, you could just choose to withdraw the money directly to your bank account. Paytm allows this. For your normal accounts, the charge Paytm bills for such activities is 1% as a transaction fee. Actually this transaction fee is only 1% until the end of this year. From next year January, the transaction fee will officially increase to 4%. And then in the case you are a merchant. You have the privilege of being charged no fee, this however will change next year.

Good, now if you want to withdraw money, simply click on “Pay/Send“, switch to “Send to Bank”. Then you could fill in every of those details. It is worth noting here that the least amount of money you can withdraw from your Paytm wallet to your bank account is Rs 100.

Do yo also know you can use your Paytm wallet for offline payments?

It is very possible to make cash-less payments via your Paytm Wallet but this time even in the absence of internet connectivity. In the case where a retailer allows for Paytm as a supported payment medium, you could use bar codes or QR codes along with a One-Time Password (OTP) to carry out such payments. Well to do this, it demands the services of the app. So if you have already downloaded and installed it, you can now open it selecting the option of ‘Pay or Send'. Okay next is you have to choose between bar codes or QR codes. They are shown in two different tabs. Simply scan the code entering the OTP so as to officially give permission for the transaction to be carried out offline. You will agree that particular feature is very helpful given that internet connectivity is not very buoyant here in India to support fast online transactions.

So far we have seen the juicy benefits of using Paytm wallet. A normal question to ask at the conclusion is how safe is Paytm Wallet?

Good question considering that security always tops the priority list when carrying out transactions online like in Paytm wallet. Well Paytm has the reputation of being a RBI-approved wallet. According to Paytm, it maintains a strict culture of keeping the cash in your Paytm Wallet ultimately safe as the money is “protected under Escrow account with a reputed bank.” Paytm makes use of the services of a Verisign-certified 128-bit encryption technology. The implication of this is that the secret key deployed in transactions is a sequence of 128 bits such that it leaves nothing open to any external party to see as to the length of your password length or what your password itself is. The platform is equally PCI DSS 2.0 certified, as such it does not store information from your credit card in unencrypted form. So you see that Paytm wallet is really one of our best options as to safety as well as convenience of use, while being a very low cost online payment medium in India,

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