All You Need To Know About Paytm Payments Bank

Paytm can be referred to as a tool through which one can transfer money from Paytm to the recipient with the help of an online app. This app is available with the number language so that the users around the globe can use it without any troubleshooting. Paytm app can be used for payment of anything like mobile recharge, travel payments, utility bill payments, movie payments, event booking payments as well as any in-store purchase of grocery items. If one buys anything from any market Store, one can pay the price with the help of Paytm, provided the shopkeeper should accept the Paytm payments. However, there are a wide number of merchants who accept the Paytm payment with the help of QR code.

How Paytm account is created?

  • One has to simply download the Paytm app from the Play Store for the I-store.
  • Opening the app will lead to a page which popups “log in/sign up” on the top right corner of the page.
  • One has to click on ‘sign up simply’.
  • Clicking on ‘sign up’ will lead to a page that asks the users for their mobile number, email address, and also to create a unique password.
  • After filling all the information on the app, one has to click on the ‘create account option.
  • Clicking on the option will send an OTP to the mobile number as well as the email address provided.
  • Enter the option, one’s full name and click on ‘create account’ option.
  • One’s account will be created.

However, to transfer money from Paytm wallet app, it requires KYC to be completed first. After creating the Paytm account, one has to give KYC details, a valid identification ID, and Aadhar card. After completing these formalities, one can freely use their Paytm wallet app. While, before KYC is done, one can keep an amount which is less than 10000 in their Paytm wallet full stop link in Aadhar card to the app is important as:

  • It’s an important document providing identification as per the regulation of government.
  • As per RBI guidelines, any company which is dealing with customer’s money must have Aadhar linked of the customers.
  • To decrease identity theft, fraud, laundering of money, etc.

Advantages of linking Aadhar card:

  • One can increase their Paytm wallet account limit from 10000 to 1 lacs.
  • One can use the Paytm payments Bank to keep their savings and can earn interest on those savings.
  • From time to time, there are many exclusive offers on the Paytm app.

Features provided by Paytm app

  • UPI payment- apart from the Paytm wallet payments, Paytm also offers to add their unified payments interface to the app and make the payments with UPI. UPI is directly connected to the bank server having 4 digit or 6 digit passwords.
  • Paytm gold- Paytm app launched its business platform known as Paytm gold through which one can purchase gold directly from the app as less as rupee 1. one of the main features of Paytm gold is that one can buy the gold and sell it instantly, all with Paytm app.
  • Transfer of money- one can transfer money from Paytm to another bank account with payments as less as 1 rupee and as more as one lacs. One can have 10000 rupees without having KYC and one needs to do KYC for keeping the money more than 10000.
  • Payment- Paytm allows payments of movie tickets, mobile recharges, whether prepaid or post-paid, electricity bills train tickets, DTH bills, or any other type of payment from install purchase of grocery or any other fashion products.