Paytm Wallet: So Much More Than Just a Digital Wallet

*This is in partnership with BQ Prime BrandStudio

It’s July and we are bang in the middle of the great Indian monsoon. You’re out shopping and suddenly the heavens open and it starts pouring. You’re trying to hold an umbrella in one hand to stay dry, and holding your wallet, opening it, and paying the shopkeeper. Not an easy task for sure—you wish you had four hands. But in fact, all you need to do is take out your phone, click on your Paytm app, scan the ubiquitous QR code in every shop in India today and in a single click, pay securely and smoothly, and perhaps win some cash back at the same time.

What makes the Paytm wallet fastest and secure

Paytm isn’t the largest digital payment platform in India for nothing—from allowing friends to split a cab fare to empowering businesses to send funds to each other and everything in between, the Paytm wallet is equipped with a range of smart features to make transactions fast, smooth and easy:

· The Paytm wallet is a safe, secure, and RBI-approved mode of payment. Unlike some other payment options, the Paytm wallet is not directly linked to your bank account, bringing in an added level of security.

· You can add funds to the wallet using multiple ways, from credit and debit cards, UPI, and net banking. Paytm also offers an innovative feature where you can set thresholds and the wallet will automatically add the amount of money you have pre-defined when balance falls below a limit you have set.

· Based on your KYC, the Paytm wallet offers different wallet capacities—from Rs 10,000 per month with a minimum KYC, which can be done easily with a voter ID, passport, driving license, etc., up to Rs 1 lakh per month after a full KYC, done either in the comfort of your home through Video KYC or by visiting the nearest Paytm KYC Centre.

Benefits of the Paytm wallet

Aside from its high-end security features and ease of use, Paytm wallet comes with a whole range of benefits that can revolutionise your financial habits and money management techniques. Here’s how:

One-Tap Payments: Net banking can be quite cumbersome. You need to go to the bank app or website, log into your account, authorise the transaction, wait for an OTP and then finally key it in, and hope that you got it right. The Paytm wallet’s one-tap feature allows users to make transactions with just a single tap.

Easy Refunds: Paytm provides powerful solutions to businesses that enable them to make instant refunds to customers via Paytm, as opposed to 5-7 days on other mediums. As a customer this is a huge benefit for you.

Automatic Add Money: Have you ever reached the front of the queue at a coffee shop to discover your wallet has ‘insufficient funds’ and you have to add money—all this while ignoring the stares from others and the overworked barista? Embarrassing, right? The Paytm wallet lets you avoid any such situation with its ‘Automatic Add Money’ feature that allows you to set a fixed amount to add to your wallet once it reaches a pre-set lower limit. You control how much needs to be added, and when.

FASTag Linking: Thanks to our government promoting easy digital payments to reduce traffic bottlenecks at toll booths on toll roads across India, we now need to pay for all road tolls India using FASTag. Rather than start a new payment mechanism just for your FASTag and take on the hassle of one more financial account to manage, you can simply link your Paytm wallet with your FASTag account and have any road toll automatically deducted from your wallet when you pass a booth, even without having to stop your vehicle.

Spend Analytics: Do you find yourself scraping the barrel at the end of every month? The Paytm wallet not only provides a great payment service, but also allows you to budget your spending with greater efficiency with its Spend Analytics feature. This feature allows you to gauge your spending habits at the end of each month and helps you come up with better, more efficient budgeting plans.

Sub-Wallets: Another nifty feature of the Paytm wallet, sub-wallets are divisions in your wallet for specific purposes (grocery wallet, bills wallet, fuel wallet, etc.) This not only ensures you don’t go overboard with your spending but also helps you file your taxes more efficiently while also providing a range of offers and promotions.

Offers, cashbacks and more

The Paytm wallet is rewarding in many ways: it is fast, secure and allows a smooth payment experience, but thanks to Paytm’s vast network, wallet users also enjoy a plethora of rewards. From discount offers and promo codes, cashback on transactions, scratch cards (and a lot more!) every Paytm wallet transaction is rewarding. In a nutshell, the Paytm wallet is not just a digital wallet—it’s a digital lifestyle.