Top 13 Advantages of Paytm Wallet over other Digital Instruments

Advantages of Paytm Wallet
Advantages of Paytm Wallet

Since the introduction of digital wallets, also known as e-wallets or wallets, they have been widely used by people with active payment applications. The ease of completing transactions in seconds, the ability to use it online and offline, eliminating the need to carry a physical wallet or cash, offers deals, requires minimal information to activate the wallet, and so on are the reasons for its use.

Paytm wallet is one such wallet that requires users to provide limited information in order to use the wallet up to a certain amount and a full KYC in order to perform multiple transactions online & offline. The splitting of the transaction limit is done for security reasons. The entire app interface is user-friendly, providing a simple and easy transaction experience at the end.

In this blog, we will discuss the top benefits of a Paytm wallet or digital wallet over other digital instruments,

What are the Advantages of a Digital Wallet?

Unlike UPI, debit cards, credit cards, cheques, and other banking instruments that require detailed information to fill, wallets only require one click to complete the transaction. The following are a few of the numerous benefits of digital wallets.

Easy to use: The most popular wallet, the Paytm wallet, is extremely simple to use and does not require a lengthy or time-consuming process to complete the transaction.

No extra things: Paytm wallet eliminates the need to carry cash, debit cards, credit cards, and so on, and is sufficient for transactions such as utility bill payments, recharge, fuel payments, and so on.

Secure payment mode: Paytm is governed by RBI rules, so it has divided the use of the Paytm wallet on the basis of KYC. KYC is classified into two types: minimum KYC and maximum KYC. Users with a minimum KYC can pay merchants who accept Paytm, pay online on any app or website, and maintain a balance of Rs. 10,000. Maximum KYC, on the other hand, allows a user to pay merchants both online and offline while keeping the wallet balance up to Rs. 1,00,000 without any restrictions on the wallet limit, and so on.

No screenshot or video recording: During a transaction, the user is not permitted to record the screen or take screenshots with the Paytm wallet. As a result, it protects the user’s banking information from being misused by a third party or individual.

Offline and online use: A Paytm wallet can be used to make online & offline payments like electricity bill payments, mobile recharge, subscription plans, payments at Kirana store, mother dairy and more.

Deals & cashback points: When a user completes a payment, he or she is rewarded with either cashback points or exciting deals that can be used on a future purchase.

Passbook overview: Any payment made via the Paytm wallet can be tracked using the Paytm wallet passbook. A user can also apply filters to check paid, received, added, or on-hold payments separately.

Payment request statement: A user can request a Paytm wallet payment statement by selecting the time period of their choice to get a detailed breakdown of their spending. The statement will be sent to the user’s official email address.

Send money to the bank: Another advantage of the Paytm wallet is that it allows users to send money to the recipient’s bank account in seconds. To complete the payment, he only needs to complete the KYC process, enter an amount, and the receiver’s details such as account number, IFSC code, and name. The money will be taken from the sender’s preferred mode of payment and deposited into the receiver’s bank account.

Automatic add money: If you frequently use Paytm wallet over other payment methods, the automatic add money feature is beneficial to you. When you enable the Paytm wallet automatic add money feature, it will add money to your wallet using your preferred payment method whenever your balance falls below a certain threshold. You can specify a wallet balance amount that, when reached, will automatically recharge your wallet. You will not have to manually enter the amount during or before completing the transaction this way.

Send gift voucher: Another advantage of using a Paytm wallet is the ability to send gift vouchers to friends and family members. Simply enter the recipient’s information and proceed to send them a gift voucher.

No PIN need: Unlike UPI, debit cards, net banking, and so on, a user is not required to enter a PIN once logged into the Paytm application. This will make it easier for the user to complete the transaction quickly and without hassle.

Cash deposit points available: In addition to net banking and credit cards, a user can add money to their wallet by visiting their nearest cash deposit point. To search for the points, a user must first log in to the Paytm application, then click on the wallet and then on nearby cash deposit points. After receiving a list of nearby cash deposit locations, a user can call or search for the location to get there.

Conclusion

Paytm wallet is one of the most popular and widely used digital wallets, and it can be used to perform a variety of transactions such as utility bills, mobile recharges, FASTag recharges and sending money to the receiver, and more. Download the Paytm app today to discover one of the many benefits of the Paytm wallet and earn chances to win cashback points, rewards, deals, and discounts.

FAQs
Why do I need to submit my KYC information to use the Paytm wallet?
Paytm is a payment platform that is subject to RBI regulations. KYC is required to learn about the user and their background in order for the application or anything associated with it to not be used for illegal or fraudulent transactions. Users with a minimum KYC can pay merchants who accept Paytm, pay online on any app or website, and maintain a balance of Rs. 10,000. Maximum KYC, on the other hand, enables a user to pay merchants both online and offline while maintaining a wallet balance of up to Rs. 1,00,000 with no restrictions on the wallet limit.
Who is allowed to use the Paytm wallet?
Paytm wallet is an integral part of the Paytm application, any active user can perform transactions online, offline and more based on the types of Paytm wallet KYC.
What is the maximum value that can be specified for the automatic add money feature?
The maximum value for the automatic add money feature is Rs. 5,000.
0 Shares:
You May Also Like