Paytm stands for “Pay Through Mobile”
What is Paytm and how to use it. Source: facebook.com
India is home not only to one of the oldest and richest cultures in the world, but also to the best fintech solutions. The omnichannel payments platform Paytm brings digital cashless experiences even to the unbanked citizens of the country.
About Paytm
Paytm stands for “Pay Through Mobile”. It is a unified platform for online shopping, bill payments, mobile recharge, digital wallets, bank payments, investment, wealth management, and POS. It’s the largest Indian payment system with flexible solutions and customer-first approach. Bringing technology to the forefront, it’s one of the biggest beneficiaries of India’s demonetization.
In 2018, the company witnessed more than 150% growth in transactions. The management also claimed to reach USD 50 billion gross transaction value (GTV), having about 7 million offline merchants accept payments through Paytm QR, 300 million registered users and 120 million monthly active users of its in-app messaging service. This January, Paytm led the national market in Unified Payments Interface (UPI) transactions, surpassing Google Pay and PhonePe.
The 96% of Paytm website visitors come from India, so its multilingual app features many regional languages targeting multiple social groups. Their investors include such fintech giants as Softbank, SAIF Partners, Alibaba Group and Ant Financial.
All these statistics are even more impressive, considering the fact that Paytm is still a rather fresh startup, founded in August 2010 by Vijay Shekhar Sharma, a self-made billionaire businessman.
?Paytm is still a rather fresh startup. Source: flickr.com
Products and Services
One of the most recent Paytm banking offers is Paytm First Card. That’s a Visa Premium international credit card created in partnership with Citibank.
It’s currently available only for selected customers on the latest version of the Paytm app. An application form can be submitted online via the relevant menu item. Once the application is approved, a Citibank representative will contact you. After full confirmation, the Paytm First card will be mailed to your address.
The card is pre-activated meaning you can start using it immediately for online transactions. For offline payments, you will need to set up your PIN here. For existing Citi customers, this card is added to your banking profile automatically. You can find it at Credit card section, select ‘PIN Related’ option, and proceed to ‘Generate Credit Card PIN’ menu.
Cards are accepted at all merchant establishments that support VISA cards. You can also use it to add money to your Paytm digital wallet. The card support costs an annual fee of Rs.500 which is waived when you spend Rs.50,000 or more in a membership year. You’ll also receive special benefits such as 1% cashback on all transactions at the end of the month, up to 15% discount at partner restaurants, and 2 movie tickets for the price of 1 while booking at? Paytm.
Mobile recharge can take place either in a pre-paid or a postpaid mode. It works for Airtel, Vodafone, Idea, BSNL, MTNL, Jio, Tata Docomo and other mobile service providers.
To top-up your mobile account:
- Enter your prepaid mobile number.
- Select your mobile operator.
- Enter the amount.
- Choose a promo code to get cashback and other special offers.
- Make the payment through Credit/ Debit Card, Net Banking or Paytm Wallet.
Paytm users may also make bank-to-bank transfers. Source: flickr.com
City Services – smart card in Delhi Metro, Hyderabad Metro or Mumbai Metro can be quickly loaded by debit card, credit card, Paytm wallet, UPI and Paytm postpaid (the latter available on Paytm app). The other possible online payments include toll charges, traffic fines, municipal payments, donations, etc.
Travel & Entertainment services allow to buy tickets for various transport types, movies, amusement parks, and events; book the hotels and restaurants, order food delivery, etc.
Paytm users may also make bank-to-bank transfers, pay their utility bills, and loan liabilities. Paytm Mall offers a wide range of products sold online.
Offline payments. Many offline retailers accept Paytm as a valid payment option. Customers should scan the merchant’s QR-code from Paytm app, enter the necessary amount and tap the Pay button. Currently, the company is attracting over 20 million smaller retailers known as kirana stores to a partnership with a cashback offer plan. The cooperation will enable merchants to accept all digital payment options: UPI, Paytm Wallet and debit or credit cards. Customers, on the other hand, will be tempted to build a cashless habit earning cashback as they spend.
How to become a Paytm user
- Click on the Profile button in the app or desktop version.
- Choose a Sign Up option.
- Enter your mobile number, email ID, and create a password.
- You can also sign up immediately with Facebook or Google+ account.
- You’ll receive an SMS with OTP that you’ll need to enter in a pop-up window to finish the registration.
- The app or the website may ask you a few additional questions to complete your profile (such as sex, name, age, etc.)
SEE ALSO:?How to shop on Flipkart
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
