An eWallet is a prepaid digital wallet which can be used for multiple services offered by the eWallet website. One such eWallet is Paytm.
The recent demonetization of Rs. 1000 and Rs. 500 notes caused hassles to some people, and we thought it would be a good idea to cover eWallets like Paytm to help you.
Paytm is one of India’s leading eWallets and commerce platforms and one of our must-have apps especially because of demonetization.
How To Download Paytm
Paytm is available on both iOS and Android. In order to download the app, you must first go to either the Play Store or App Store (depending on whether you are using Android or iOS), and type “Paytm” in the search box.
Click on the Paytm result from the search results and you will see the following screen (if you’re using Android).:
Click on “Install” and install the app. Open it from either the Play Store app page or directly from your phone.
You will now have to either login to your existing account or create a new account. Instructions for both are provided once you open the app. Alternatively, you can continue using the app as a guest.
How To Use Paytm
Paytm is incredibly intuitive and easy to use and boasts a really good and immersive UI. Following is a screenshot which shows the various options you can see when you first install the app.
You can pay for items by clicking on “Pay” (as you see on the screenshot below). You might be able to spot options to add money, book tickets etc. in the screenshot below.
If you want to, say, add money into your Paytm account, click on “Add Money” and the following screen will be visible.
Here, you can see the current balance of your account and can add as much as you want. Simply click on the “Amount” entry field and type in the desired amount using the numerical keypad.
Once you select your desired amount, you will be redirected to a page to complete your payment. Various payment methods are available such as Credit Card, Net Banking, Debit Card etc. Simply enter your credit card details and complete payment as you normally would, and you are good to go.
You will now receive a confirmation of your transaction and the amount will be credited/added to your account.
Uses of Paytm
Paytm has been of tremendous use to us, even more so because of demonetization. Most people accept Paytm payments, including my college canteen, Chai wala, local stores and vegetable vendors which make it very useful as at all these places the bills are mostly in smaller denominations and swiping a card is not an option hence best way is to use Paytm. Demonetization? No Worries!
The uses of eWallets like Paytm are plenty. You could, of course, pay bills and recharge pretty much everything, but that is not it. The list is way too long. You can:
- Shop from the inbuilt e-commerce platform. There are a wide array of products you can buy. Not convinced? You can book a car using Paytm. Let that sink in.
- Transfer funds to any other Paytm user. This is how I pay for my vegetables or food most of the times!
- Recharge a friend’s phone. Recently, my friend was stranded with no money in his pockets and no balance on his phone. I sent him Rs. 50 so that he could at least call a ride home. PayTM was the real hero here!
- You can book movie tickets, flight tickets, hotel rooms and even amusement park tickets using Paytm.
- Purchase international products using their World Store.
Here are a few screenshots to better explain the functionalities of this app:
Say, for instance, you wish to transfer money to your friend. You would select Pay or Send Money and enter your friend’s details in a form like the one you see below.
You would enter the mobile number, amount, and the reason to pay. This would be useful if your friend pays for the food bill and you wish to pay him back. The “What’s it for?” would be useful for future reference and would help your friend know why he/she received the payment.
A confirmation of the amount transferred (like the one you see below) will be shown along with your current balance.
Now that we have taken a look at how to pay someone, let us look at how to recharge (could be your phone, a friend’s phone, DTH etc.)
You must first select “Recharge” and select Prepaid or Postpaid based on depending on whether your phone is prepaid or postpaid.
You must then fill in the mobile number of the phone you wish to recharge (could be yours or your friend’s).
Then select the carrier, DOCOMO in this case, and the amount. Details of the topup/recharge can be seen.
Once you are sure about postpaid/prepaid, mobile number and amount, click on proceed to recharge. There are usually many offers available which you can avail.
You can now choose how you wish to pay for the recharge. As you can see below, there are several options available for you to choose from.
Once you have completed payment, you will receive a confirmation of recharge.
PayTM is accepted by various shopkeepers, and some even prefer it over cash because of no hassles of change.
As you can see below, you can pay someone by scanning their Paytm QR code.
How to Transfer funds to bank account from Paytm Wallet
Open Paytm App & select Passbook option & then select Send Money to Bank Option.
Fill all your details and the amount which you want to transfer back to your account or any other account. Also please make sure that you keep some amount in Paytm wallet as you will be charged some fee by Paytm so it’s advisable to keep at least 1-2% in Paytm wallet so that you don’t need to add the fee amount again to your Paytm wallet. Once done with all the above steps hit Send button!
In few seconds your Bank Account should reflect the amount that you transferred from Paytm. It’s fast & easy.
The best part about Paytm is the fact that most people accept it. So much so, that even my college canteen and local vegetable vendor accepts Paytm payments.
Basing on the usefulness of eWallets like Paytm, we believe that this app is here to stay. If you aren’t a user already, we definitely recommend taking a look at it.