You still don’t know how to use PayTM correctly? Here’s a detailed guide on How to use PayTM Wallet and all its features starting from Paytm Wallet to Paytm Gold, insurance, and much more.
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How to use Paytm Wallet in 2020 | Ultimate Guide for Paytm (2020)
Before, we learn how to use Paytm, let’s discuss some basics about Paytm.
What is Paytm?
Paytm is an online platform that provides for transactions, both credit and debit, and offers a host of perks and services at no real cost. It also doubles up as an e-commerce platform which helps users to earn and spend in the same place.
At the very functional level, Paytm is essentially a means to manage your money online without entering the more sensitive net banking accounts every time.
Why do you need Paytm?
In today’s seamless, cashless, and fast-paced world, a solution like Paytm offers you the opportunity to take all your transactions online. Owing to the surging popularity of mobile payment, almost all vendors offer the option of online payments which can be easily achieved by QR codes.
Not only does it make long-distance transactions possible without accessing your bank accounts, it also makes the entire process of purchase and sale cashless, and therefore makes it hassle-free.
Advantages/Disadvantages of Paytm
The advantages of using Paytm are –
- Instantaneous, online and secure cashless payments.
- All kinds of bill payments and ticket bookings in one place.
- Eliminates the need to carry debit and credit cards.
- Regular cashbacks and other exciting offers.
- Transfer funds to other users’ bank accounts using UPI transfer.
- Shop at Paytm Mall – Paytm’s integrated e-commerce platform.
The disadvantages are –
- Operations require a working internet connection, which is still not accessible to everyone in our country.
- Customer help and service complaints are frequent.
- No matter how secure, it is an online platform and might be subjected to hacking and data leaks.
Features Paytm offers
In a nutshell, Paytm offers you an assortment of all sorts of ways to store and spend money online.
It boasts of a host of features which include UPI funds transfer, directly pay merchants and vendors online, pay easily by scanning QR codes, secure transactions, bill payments, online shopping, to name a few.
How to install Paytm on your phone?
To install the Paytm app on your phone, head over to Play Store (Android)/App Store (iOS), search for ‘Paytm’ and download the app. Once installation is complete, sign up using your personal details, and you are now ready to use Paytm.
How to setup Paytm Wallet, step by step
To set up the Paytm Wallet, follow these steps –
- Launch the Paytm app and Login/Sign Up.
- Next, follow the steps to complete Minimum Paytm KYC. (shown later in the article)
- Once you are KYC verified, your wallet will be activated.
What is KYC?
KYC stands for Know Your Customer (sometimes client), and refers to the process of verifying the identity and essential details regarding the customer.
The check usually requires an ID proof and an address proof, and the documents that can be used are Driving License, Aadhar Card, Passport, et cetera.
Why do you need Paytm KYC?
The Paytm Wallet services are governed by the RBI guidelines, which require Minimum KYC to be completed before Wallet are issued to the consumer.
Moreover, this only lasts for 24 months, and if Wallet services are to be availed post that, Full KYC needs to be completed by the user.
How to setup Paytm KYC?
The steps to get Minimum KYC verified and gain access to Paytm Wallet services are as follows –
- Open the flyout menu from the left and tap on your name which must be displaying an exclamation mark.
- On this profile page, a banner prompting that your wallet is not active comes up, click that.
- Now you should be on the KYC screen where you need to enter your name and unique identification number of any one among Passport, Voter ID, Driving License or NREGA Job Card.
- Clicking on submit would make you Minimum KYC verified and activate your Wallet.
- For Full KYC, you need to further enter your Aadhar Card details, or visit the nearest KYC point for an in-person verification.
What is UPI?
UPI stands for Unified Payments Interface and refers to the mobile payment system which allows users to instantly transfer funds between bank accounts.
Regulated and controlled by RBI and IBA, this technology was developed by the National Payments Corporation of India. Apart from Paytm, one very prominent application that is very popular for its UPI services is Google Pay.
How to setup UPI in Paytm?
To set up UPI in Paytm, you need to first link your bank account to your Paytm ID using the pop-up that opens up as soon as you open the application.
Choose your bank, and follow the steps to link your accounts. Once successful, you will be able to make direct payments to and from your bank account using your UPI ID and secure password.
What is Paytm payments bank account?
Paytm Payments Bank account refers to a savings account on the Paytm Payments Bank, which, to put in simple terms, is like an online/mobile version of a physical bank.
It is an improvement on the Paytm Wallet and offers additional facilities like an annual interest on money deposited in the account and also provides an option to invest in fixed deposits and earn interest. You also get a free digital debit card and can request a physical one too.
How to set up the Paytm payment’s bank account?
To set up an account on the Paytm Payment s Bank, follow these steps-
- Open the Paytm app, and tap on the ‘Bank’ option on the bottom right, or select it from the centrally placed options.
- Set a passcode (that will be used to access phone-banking), and provide nominee details for the account.
- If you are not KYC verified, a prompt asking you to book a KYC appointment comes up.
- Post all verifications, you will be notified of successful account creation.
How to recharge the Paytm Wallet/Bank?
To add Money to your Paytm Wallet, follow these steps –
- Select the ‘Add Money’ tab present on the Paytm app homepage, or navigate to the Paytm Balance tab from the left flyout menu, select ‘Paytm Wallet’ and choose ‘Add money to Paytm Wallet’.
- Enter the amount you want to add, and proceed.
- Use any of the available payment options to complete the payment.
- The money will now be added to your Wallet.
To recharge your Paytm Payments Bank Account, follow these steps –
- Choose the ‘Add Money’ tab present on the Bank homepage.
- Enter the amount to be added, and pay using the available UPI linked accounts, Debit/Credit Cards, or Another bank account.
- You can also recharge by depositing cash at any of the Paytm Payments Bank outlets.
- Your Bank Account will now be credited.
How to Pay to Numbers/Bank via Paytm?
Using Paytm, you can make payments to other phone numbers from your Paytm Wallet balance using the ‘Pay’ feature on the app homepage, and entering the recipient’s number.
Alternatively, you can also scan a QR code from the recipient’s Paytm app to pay them.
For bank payments, you have to use the ‘UPI Transfer’ feature and enter the UPI ID of the recipient, followed by the amount.
How to Transfer Money To & From the Bank?
To transfer money from your Paytm Payments Bank Account,
- You have to use the ‘Money Transfer’ feature from the Bank section of your App.
- Next, fill in the required details for the recipient,
- Enter the amount, and
- Authorize the transaction using your passcode to reach the confirmation screen.
The process of transferring money to your Bank Account is same as that of recharging/adding money to your account.
How to Setup Virtual Debit Card?
When you open your Paytm Payments Bank Savings’ Account, your virtual Debit Card is automatically created. The details of the same are accessible via the ‘Digital Debit Card’ option on the Bank homepage of the app.
How to get Debit Card delivered at home?
If you want a physical card delivered at home, follow these steps –
- Head over to the Bank tab on the Paytm app.
- Scroll down till you reach the ‘Digital Debit Card’ option, click on it.
- Select the ‘Request ATM Card’ option.
- Enter your delivery address, and proceed to pay.
- Once the payment is successful, your order will be placed and you can track the delivery progress of your card from the app.
What is Paytm gold?
Paytm Gold is a facility that allows Paytm users to buy and sell gold digitally. Users can invest in gold digitally for as low as 1 rupee, store the gold in their online accounts, and sell when they want to.
This feature has been made possible by MMTC-PAMP, who vaults the purchased gold physically until it is sold. Not just that, you can also have your gold delivered to your doorstep post 24 hours of purchase by paying for the making charges.
Benefits of Paytm Gold
Paytm Gold comes with several benefits, some of which are –
- There is no minimum amount, you can buy ₹ 1 worth of gold too.
- You can avail cashbacks, or gold backs, and get more gold than you pay for in the same money.
- Your gold is insured, and the purity and security is assured owing to the involvement of MMTC-PAMP.
How to setup Paytm gold?
You do not need to set up a separate account to avail the Paytm Gold features. Just head over to the Gold section from the Paytm app, and start buying by amount metric or by quantity.
To sell, look for the sell option on the same page, select the amount/quantity of accumulated gold you want to sell, and proceed. The funds from the sale are credited directly to your bank account, so you need to have a linked bank account before you sell your digital gold.
What is Paytm First?
Paytm First is Paytm’s premium membership-cum-loyalty program which provides exclusive privileges and cashbacks on transactions. Not just that, it also comes with subscriptions to services like Zomato Gold and Gaana, discount vouchers other benefits. Costing just ₹750 per year, this subscription based service offers a host of exciting offers across categories that include food, travel, shopping and entertainment.
How to setup Paytm first?
To become a Paytm First member, follow these steps –
- Launch the app, and open the left flyout menu.
- Scroll to the bottom, and click on the banner that displays ‘Become a Paytm First Member’.
- The membership page opens up where you can scroll to see the perks offered.
- Click on ‘Browse Plans’ at the bottom of the screen, and choose between the Basic Plan (₹750/year) and the Trial Plan (₹199/3 months), apply promo code if any and proceed to buy.
- Once the purchase is complete, your membership will be activated.
What is Paytm Money?
Paytm Money is an online platform that provides for a fully digital, transparent and secure mutual funds investment experience, and is a SEBI registered.
Being completely online, it offers a paperless experience with automated payments and powerful insights. Unlike Paytm’s other offerings, this has a separate application and website and requires a separate digital KYC on its platform too.
How to Set Up and invest in Paytm Money?
To set up Paytm Money, you need to login via your Paytm account itself. Once you are logged in, complete your KYC on the new app. With all verifications done, and payment modes set, you can now start investing in mutual funds.
What is Paytm Insurance?
Paytm Insurance is a fairly new addition to Paytm’s wide array of services. Its insurance services are broadly classified into two categories –
- Retail Insurance Products: This includes two-wheelers, four-wheelers, health, term life, and shop insurances.
- Group Protection Products: This category has insurances for coronavirus, mobile phones, personal accidents, hospital cash, cancer care, communicable diseases, dental and diabetes care.
Apart from purchasing new insurances, Paytm also offers you the feature to pay premiums for existing insurances using their platform.
How to setup Paytm insurance?
The process to avail the Paytm insurance feature is as follows –
- Launch the Paytm app.
- Using the search icon at the top right of the screen, search for Insurance, and tap on it.
- A window opens up with the aforementioned categories.
- Select the category you wish to insure, choose the sub category, and follow the steps required for that particular insurance policy.
- After payment, your insurance policy will be activated.
What is Paytm Free Credit Score?
Paytm offers users to check their Credit Score for free from the app. To avail this feature, users need to scroll to the ‘Credit Score’ option from the left flyout menu, and tap on it.
Next, you need to fill in the required details and Paytm will check and display your credit score for free.
How to pay utility Bills/Recharge?
Paytm offers users the feature to recharge and pay almost every kind of bill that one needs to pay in today’s day and age. Some of these include bills for phone, DTH, broadband, electricity, cylinder, and credit cards.
It also allows for loan repayments, along with payments for challan, toll, municipality, apartments, fees, rentals, and metro. Among the remaining options for this category are donations, and IOCL rewards.
To perform any of these payments, the steps are as follows –
- Launch the Paytm app, and look for the ‘Recharge & Pay Bills’ tag on the center console. Tap on it.
- Now, select the type of utility/bill you want to make the payment for.
- Next, enter the details and amount required.
- Proceed to make the payment.
Brief info on Paytm Mall
Paytm Mall is Paytm’s very own online shopping platform which is accessible directly from the Paytm app.
This platform houses a huge collection of items that range from Grocery and Health to Fashion, Electronics, and Home Essentials.
Paytm Mall is just like any other e-commerce app like Flipkart and Amazon, and the only difference is in the choice of products available and deals offered.
Even though this is not a very popular shopping platform at present, it has the tools and resources to grow into something even bigger and may even outshine its competitors in the future.
Paytm vs its Competitors
It would be unfair to say that Paytm as a whole has a competitor, because there is no other single entity that offers you every service that you get on the Paytm platform.
However, each of its services has a competitor, for instance the recharge and wallet services have a major competitor in Phone Pe, the UPI services have one in Google Pay, and Paytm Mall has in Flipkart and Amazon.
Though the competitors might be better suited to perform, the integration of the numerous services in a one-for-all app, and access to a host of un-paralleled features, coupled with its ease-of-access and reliability, make Paytm the overall winner.
Playing Games on Paytm
Paytm has also launched ‘Paytm First Games’, an app that allows users of all ages to indulge in online free games, and also lets them earn Paytm cash.
This app hosts a plethora of games, both single and multi-player which include all facets of gaming from first person shooting to racing to board and card games.
Not just that, the app is regularly updated with new titles which make the platform even better and more enjoyable.
Paytm started off as a prepaid mobile and DTH recharge platform in late 2010 and a decade later, it houses every possible option to spend money available on it. It has grown to be one of the India’s most sought after online entities, adding features at an unimaginable rate.
Paytm is one of the major reasons why the move to become more digital, cashless, and contactless in our monetary transactions was possible in the first place.
It may not be the best option in all of the services it provides, but it sure is the one and the only platform that lets you recharge your phone, pay your electricity bills, check your credit score, buy gold, get insured and shop for clothes on the same application, and that is why it is unparalleled, and in fact, pure genius.
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