Paytm is one of the largest e-commerce and e-payment portal that was launched in the year 2010. The name of the brand is an acronym that stands for "Payment Through Mobile." Along with online shopping, the brand comprises a payment gateway and a wallet. With time, Paytm has earned a lot of popularity because it promotes cashless transactions.
The Paytm app contains a virtual purse called the Paytm Wallet. The account holder can add money to it using a debit card and credit card, or through netbanking. They can also receive or send money using this wallet to refill it. The amount of money accumulated in the wallet can be used to pay for products and services including phone bill, electricity bill, DTH recharge, gas, metro rides, water, and college fees.
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Account Holders can add money to their Paytm Wallet in two simple methods using their credit cards- through the website or the app. All they need to do is follow the step listed below:
On the Paytm website:
On the Paytm app:
Account Holders don’t need to pay any charge on using a credit card to add money to their Paytm Wallet.
If the beneficiary to whom you have sent the amount does not have a Paytm account, the person will get an SMS along with the link for creating a Paytm account. Keep in mind that if the person does not create the account within 3 days of you sending the money, the amount will be refunded to you.
If you receive an SMS from Paytm informing you about the deduction in account balance, you can be sure that the transaction has been successful. Make sure to look for any post-payment confirmation screen on the app itself. You can also check the passbook section of the Paytm app and keep track of the transactions.
You can use the Paytm wallet balance at any store. Once you share your mobile number with the merchant, you will get a push notification, and this will have the merchant details and the amount that has been requested. You can then tap on the push notification and click ‘Pay’ to process the amount.
When you transfer money via the Paytm app, it is free and the whole amount which you have entered will be transferred to the beneficiary without any charges being deducted.
In one calendar month, you can only transfer up to Rs.25,000 to a Paytm user or to your bank account.
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