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eWallets making life easier in the new world order

After the demonetization of Rs. 500 and Rs. 1000 notes on 8th November 2016, the whole market, went into chaos. People including the business men and the common people had a lot of things to worry about now. There was an added restriction of being able to withdraw only a certain amount of money from ATMs in a week.

The scarcity of cash and the introduction of the new Rs. 2000 note meant that people did not have enough money to use in the market. But as always, digital wallets came to the rescue. People started using digital wallets like Paytm for paying and getting payments, and this has helped in these times of need. These eWallets or digital wallets are a blessing. They can do a lot more than people think but the problem is that many still do not know about these wallets.

This is a post written specifically to educate people about digital wallets like Paytm so they can get started with it. We will be using Paytm as the main product due to the following advantages.

  • Paytm is widely used across India, and it is currently the most used wallet.
  • You can find local shops and businesses easily that accept payments via Paytm.
  • Paytm is not just a wallet but a mini-banking experience with features like money transfer and more.
  • You can do things like paying bills, booking train and bus tickets, movie tickets and more using Paytm.
  • Recharging and paying postpaid bills are just an added advantage of Paytm.

Let us get started by knowing what exactly eWallets, or digital wallets are.

What is an eWallet or a Digital Wallet?

An eWallet or a Digital Wallet like Paytm is a virtual wallet in which you can deposit your money, and these wallets can be used to availing digital payment services. Digital payment services refer to things like being able to pay at a business without the need of a physical currency and vice versa. These wallets can be used to make payments and to receive payments as well.

In India, these wallets are regulated by RBI i.e. Reserve Bank of India and they can allow users to keep a balance of up to Rs. 20,000 in a wallet for non-KYC accounts and KYC accounts the limit is higher and upwards to Rs. 100,000. Personally, my main eWallet is Paytm that I use to make and receive payments. But there are other wallets like Freecharge, Mobikwik, etc.

I find the Paytm wallet much more easy to use, and it is accepted by a lot of businesses in India, and hence I am going to talk about this wallet specifically in this post.

What is Paytm?

Paytm is a technology startup founded by Vijay Shekhar Sharma. He founded the company under One97 which is the parent company of Paytm. Initially, Paytm was a recharges portal where people could recharge their mobiles and get coupons against the recharges. As the time went on, Paytm expanded its horizons and started doing a lot of things like being able to make bill payments and more. Ultimately they introduced the Paytm Wallet which is currently their main product.

Paytm also has a products marketplace where you can buy a lot of day to day things start from a simple sock to a proper iPhone. Currently, Paytm is India’s most used digital wallet.

How to download the Paytm?

The best part of Paytm is that it is available for almost every platform out there. Of course, they had a website but did you know that they even have an app for Java phones?

Apart from that, Paytm is available for major platforms like Android, iOS, and even Windows Phone that many companies totally ignore. Here’s how to download Paytm to your respective devices.

Android

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You can open Play Store on your Android device and search for Paytm and tap the Install button, and this will download the app to your Android. You can also install it from the web by just following this link and clicking the Install button. You will be asked to login to the Google account that is active on your Android and that is it.

iOS

For iOS, you can open the App Store on the iOS device that you’re using. Search Paytm and then just tap the Get button to install the app.

Windows Phone

For your Windows Phone device, just open the Windows Store and search for Paytm. You can tap the Install button, and the app will be downloaded to your Windows Phone.

How to Add Money/Send Money/Pay Money using Paytm?

As mentioned, Paytm wallet allows you to add money to the wallet which you can use to pay someone or even to send the money to someone. Let us see how it can be done.

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Adding money to Paytm wallet

Adding money is easy. All you need is a payment source which can be your debit or credit card, your internet banking or even IMPS. Just follow the steps given below.

  • Open the app, and you will see the Add Money icon.
  • Tap the Add Money button, and then you can enter how much money you want to add.

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  • Tap the blue Add Money button, and you will be taken to the payments page.
  • On the payments page, you need to choose the payment method. You can choose to pay from your debit or credit cards or even your internet banking.

  • After you have provided the required details, the money will be added to your Paytm wallet.

Sending money through Paytm

Sending money to someone is as easy as just providing their phone number or email ID or just scanning their QR code. Follow the steps below.

  • Tap the Pay icon on the top banner.
  • You will see that you have options to pay using the QR code, the phone number and even the OTP generated inside the app.

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  • You will also find the barcode that you can use to send money.

Paying money using Paytm Wallet

  • To pay money to a business you can easily scan the QR code they have at their store or you can provide them the OTP from your app.

  • To scan the QR code just go to Pay and then scan the QR code using the app.
  • The payment will be made in no time.
  • You can even go to the Show code section and provide the barcode or the OTP to the business, and the payment will be made instantly.

How to transfer Paytm Cash to bank?

Did you know that Paytm also allows customers to withdraw the money they have received from someone else to their bank accounts? This is useful for those who want to withdraw their Paytm cash from payments so they can use it from their banks. In order to do this, just follow the steps below.

  • Open the Paytm app and just tap the Passbook icon on top.
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  • You will be able to see the available balance and the recent transactions done using Paytm.
  • You will also see the Send money to Bank link.
  • Tap that link, and you will now see a new screen where you will see the Transfer button.

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  • Tap the Transfer button, and next, you will have to enter the amount and other bank details.
  • After you have entered the details, the money will be sent to your bank account using IMPS which will be credited instantly.

Please keep in mind that Paytm charges a certain percentage of these transfers. It is 4.5% for non-KYC accounts and 1% for KYC accounts.

Using Paytm in day to day life

Paytm is currently the most used wallet in India which means it has a huge reach. You can easily use Paytm wallet to make payments in several businesses across India. All you need to do is scan a QR code and its done. Not only that, but Paytm can be used to pay electricity bills, water bills, gas bills and more. You can even recharge your metro card with it.

Gone are the days of standing in a long queue to get something done. With the rise of services like Paytm, many utilities, and many services can be accessed just by a tap on the screen. Paytm wallet can also be used to buy things from the Paytm marketplace which has a plethora of things on sale.

I have been using the Paytm marketplace since a long time, and the cashback deals on there are insane. Last time I bought a laptop from Paytm and I availed a cashback of Rs. 3500 which is huge when it comes to saving money. You can also use Paytm to pay for your Pizza or food while ordering online.

Paytm truly is a great service, and it is best enjoyed with a proper KYC account that you can easily get done.

Author: Ujjwal Kumar

Ujjwal is just a simple guy who likes to be happy and likes to write various different kind of stuff. You can find him writing posts related to Android most of the time but he also likes writing poems, short stories and other stuff.

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