Paytm Cashless Transaction – Perfect for the Current Phase of Demonetisation

Since the demonetisation of 500 and 1000 value Indian Rupee notes, mobile wallets and cashless card transactions have become more popular. Indian citizens are desperately trying to find a smart solution for the lack of sufficient cash and the stress of queuing up at banks and ATMs. In this age of superior technology and internet access, one can depend on digital wallets that have made life easier for smartphone users.

Paytm Cashless TransactionPaytm Cashless Transaction

Online payment modes such as Paytm have been in great demand post demonetisation. Paytm is owned and managed by One97 Communications. It is an exclusive digital payment program that allows users to transfer their cash from bank accounts into the secure Paytm wallet through online banking process or by debit and credit cards. Some people even deposit cash through specific banks into the Paytm wallet.

How We Can Use Paytm wallet?

Paytm money wallet can be used in several ways. It can be utilised to pay for mobile recharges, utility bills, travel tickets, movie tickets, taxi cab rides and also to buy goods from shops that allow Paytm payment mode. One can also make offline payments, according to Paytm officials.

For instance, Paytm payment can be made for auto-rickshaw rides, to vegetable sellers, at grocery stores and all kinds of small outlets. Paytm claims to be associated with over eight lakh business partners such as Bharatgas, Big Bazaar, Domino’s, Mother Dairy, Clear Trip, Yatra and Big Basket to name a few.

Advantages of Using Digital Wallets:

  • Digital wallets provide cashback services
  • Most of them offer great discounts on retail prices of goods and help you save money.
  • Easy signing up process using your smartphone and mobile number
  • You can store as much as Rupee one lakh in your e-wallet (after signing up with e-KYC).
  • Transferring money to other people such as friends or family members is very easy. You just need their phone number to transfer money into their e-wallets.
  • During this difficult phase of demonetisation, digital wallets have proven to be very useful for middle-class people.

How to Install and Use Paytm Wallet:

  • Install the Paytm App in your smartphone
  • Sign up for the Paytm service by adding your name, phone number etc.
  • Use the Add Money option and follow the steps to transfer cash into the wallet using online net banking, debit card or credit card.
  • Doing payment is also simple, as you just need to scan codes for utility bills or transfer e-cash to a specific mobile number.

There are various other legitimate digital wallets like Mobikwik, wherein the same procedure mentioned above can be performed to make cashless transactions through mobile phones. Along with e-wallets, also lends a helping hand to customers in saving money during demonetization and cashless phases. The good news about demonetisation is that Indian citizens in rural and semi-urban areas are also adapting to such cashless transaction platforms using digital wallets and debit card payment. By doing so, we wish to support this drive of national building indirectly by helping the country’s progress towards a cashless economy.

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