Digital wallets, also known as e-wallets or wallets, have become popular for their convenience and ease of use. With the ability to make transactions in seconds, use the wallet both online and offline, and eliminate the need to carry physical cash or a wallet, it’s no surprise that these payment applications are widely used.
One such digital wallet is the Paytm wallet, which requires minimal information to activate the wallet for a certain amount of transactions and full KYC for more extensive online and offline transactions. This split in transaction limits is for security purposes. The Paytm wallet also boasts a user-friendly interface, making for a seamless and easy transaction experience.
In this blog, we will explore the top benefits of using a Paytm wallet or other digital wallets over other payment instruments.
What are the Advantages of a Digital Wallet?
Unlike UPI, debit cards, credit cards, and other banking instruments that require detailed information to complete transactions, digital wallets only require a single click. Some of the numerous benefits of using digital wallets include:
Easy to use:
- The Paytm wallet is popular and easy to use.
- Transactions with the Paytm wallet do not require a lengthy or time-consuming process.
Eliminating the need for extra things:
- The Paytm wallet eliminates the need to carry cash, debit cards, credit cards, and other items.
- The Paytm wallet is sufficient for various transactions, such as utility bill payments, recharge, fuel payments, and more.
Secure payment mode:
- Paytm is governed by RBI (Reserve Bank of India) rules.
- Paytm has divided the use of its wallet based on KYC (Know Your Customer) requirements.
- There are two types of KYC for Paytm: minimum KYC and maximum KYC.
- Users with minimum KYC can:
- Pay merchants who accept Paytm.
- Pay online on any app or website.
- Maintain a balance of up to Rs. 10,000 in their Paytm wallet.
- Users with maximum KYC can:
- Pay merchants online and offline.
- Maintain a balance of up to Rs. 1,00,000 in their Paytm wallet without any restrictions.
No screenshot or video recording:
- The user is not allowed to record the screen or take screenshots during a transaction.
- This protects the user’s banking information from misuse by third parties.
Use in Offline and online use:
- A Paytm wallet can be used for a variety of online and offline payments.
- Examples of online payments include electricity bill payments and mobile recharge.
- Examples of offline payments include subscription plans and payments at Kirana stores and mother dairy outlets.
Deals & cashback points:
- Users are rewarded with cashback points or deals upon completing a payment.
- These can be used on future purchases.
- The Paytm wallet passbook allows users to track their payments.
- Users can apply filters to view specific types of payments, such as paid, received, added, or on-hold payments.
Payment request statement:
- Users can request a payment statement for a specified time period.
- The statement will be sent to the user’s email address.
Send money to the bank:
- Paytm wallet allows users to send money directly to a recipient’s bank account.
- To complete the payment, the sender needs to complete the KYC process and enter the recipient’s account details.
- The money will be transferred from the sender’s preferred payment method to the recipient’s bank account.
Automatic add money:
- The Paytm wallet has a feature that automatically adds money to the wallet when the balance falls below a certain threshold.
- This can be done using the user’s preferred payment method.
Send gift voucher: Paytm wallet users can send gift vouchers to friends and family.
No PIN need: Paytm wallet users do not need to enter a PIN to complete a transaction.
Cash deposit points available:
- In addition to online payment methods, users can add money to their wallet by visiting a cash deposit point.
- Users can search for nearby cash deposit points within the Paytm app.
The Paytm wallet is a highly popular and widely used digital wallet that can be used to complete a range of transactions, including paying utility bills, recharging mobile phones, and recharging FASTag accounts, as well as sending money to other users. By downloading the Paytm app, users can access the many benefits of the Paytm wallet, including the opportunity to earn cashback points, rewards, deals, and discounts.