When the country was taken by storm when demonetization hit our lives and specially our pockets, the masses were lost and stuck as to what to do now, how should daily transactions take place when you don’t have a single penny on you. How do you survive if you have money in your account but none in your wallet. This is when Paytm came into play. The company had been running prior to the big news but wasn’t as popular as it is now.
What is Paytm?
Paytm is basically an online wallet, a separate home for your online transactions. It allows you to store your money virtually without actually having to physically carry it with you. Paytm is basically an electronic payment and e-commerce site. It allows multiple payment modes for a number of utilities and has made lives easier since its inception. It can be operated through a mobile app and a web browser as well. To simplify it, Paytm is an application which lets you do your payments through the phone without having to exchange physical currency.
How Paytm Works:
Paytm has a simple way of functioning which is almost similar to real life, except that it happens virtually. You link your bank account with the application in the most secure way possible to prevent any threats. Then you transfer the money from your account to the Paytm ‘wallet’, The Paytm wallet is an online space which lets you store money in certain quantities on its server. So as and when you are required to make a payment for something you can simply scan the code of the person or enter their identification and select how much money you need to transfer. This allows you to pay to the person. It also lets you shop for travel tickets like other sites and also allows the payment of several utility bills without having to physically go and pay.
Benefits of Paytm:
You may be skeptical about placing your money inside a virtual account and cybersecurity always looms above your head like a sword ready to drop. But there is no need to fear as even the utility companies, where payment is a task now accepts Paytm which shows how secure and trusted the company is.
- Cashless transactions allow for easy flow of money without haggling.
- Mobile bills can be paid directly through the online wallet.
- Mobile recharges can be taken care of without having to go to shop. Also avoids the risk of network error delaying the recharge.
- DTH,Data card, insurgence gas and petrol can be paid for as well.
- Reduces the loss of cash when the shopkeeper does not have change as paytm lets you pay the exact amount.
- Paytm offers numerous deals on recharges, movie tickets, bill payments etc.
- Paytm issues offers such as cash back and discounts for its users which lets you get more for less.
- It has made the transfer of money easier as no transaction charges are levied on customers with a KYC.
- Transfer to wallet, to the respective person and wallet to account is also a simplified process without loss of money in any way.
- The Paytm passbook lets you keep track easily of each and every transaction that takes place.
- No failed transactions ever and if there has been an issue then a quick refund is then provided.
To conclude, Paytm is the messiah to your money problems in terms of transactions. It lets you store your money online and utilize only the amount you require while constantly offering splendid deals which let you get more for less.