Paytm is the most happening digital payment app now in the country. After the demonetization has been announced, Paytm has contributed massively, solving grass root level issues for the citizens. The company has added thousands of merchants to the platform, immediately after the currency ban came into effect. The result – public can still go on about their daily lives hassle free, making transactions for small utilities via the Paytm app.
Since everybody is joining the Paytm App movement, it is necessary to understand how the app works. While most of those who use the app know the process, there are still many who are left in the lurch. Since AP is soon rising to become one of the best states going cashless and digital, time is right to understand this app better.
The first confusion that often prevails is what happens when a merchant received money from the customer via Paytm app. Some also wonder as to how merchant transfer money from their Paytm wallet to their bank accounts. We will help you address some of the basic queries.
Why Paytm Wallet?
Paytm Wallet is now fast spreading across the nation, especially while buying from smaller merchants. Vegetable vendors, Kirana stores, Tea Walas, fruit sellers – all of them are now using Paytm app to enable transactions for small purchases. Using Paytm is now making India go truly cashless. The usage of the app is growing by the day, thanks to the accessibility to a plethora of merchants.
This is how you can use the Paytm wallet using your bank account
First, you should register yourself on the Paytm app. Then, you can start transferring money from your bank account to the Paytm wallet using your bank details (name, account number, bank name, IFSC code etc).
How much money can be transferred
You can transfer upto Rs 20,000, as that is the limit on the transactions if you have not done the KYC formality (know your customer). For anything above the limit, you need to contact Paytm to get the KYC completed.
You can go to the nearest Paytm centre and provide all the relevant RBI approved documentation. That includes:
PAN becomes necessary only when you want to transfer more than Rs 50,000 in a single transaction.
Using Paytm App on Your Smartphone
Paytm app has a user friendly interface that is quite self explanatory. You just have to follow the options and make transactions. In case of queries visit the Paytm website or call their customer care.
The Wallett option lets you transfer funds into the merchant’s Paytm account. Simple to use and fast to operate, the Wallett option actually empowers the suer to go completely cashless. You can make daily purchases such as vegetables and groceries with the local vendors without cash.
Start using Paytm Wallet today. Go Cashless.