The near-to-universal presence of mobile devices in India has led to the tremendous growth of mobile payment solutions. The rapidly increasing P2P payments and smartphone user base in the country, which stood at 748 million in 2020 have driven the growth of non-cash transactions. In other words, digital payments have enabled millions of individuals to participate in electronic payment transactions to send, receive, or store money.
Indeed, mobile payment is a faster and more convenient way to make payments anytime and from anywhere. But if you look closely at the pioneers of digital payment revolution, the story is incomplete without considering the role Paytm Wallet has played.
Paytm Wallet, which started to help consumers keep their money handy for digital payments, has now become a household name. The mobile wallet market is expected to grow at a CAGR of ~52% by volume during FY 2019-2023. As e-commerce disrupts the retail market, and smartphone user base keeps on growing giving an impetus to UPI penetration, we present to you a detailed view of what Paytm Wallet is and how you can use it.
What is Paytm Wallet?
Paytm Wallet is an RBI-approved, secure mobile wallet that consumers can use to make different kinds of payments. They can add money to their individual Paytm Wallets via multiple payment options and keep it as digital cash. Besides this, Paytm Wallet can also be used to make Peer-to-Peer (P2P) or Peer-to-Merchants (P2M) payments.
Consumer-side benefits of Paytm Wallet
In general, individual users can benefit from using Paytm Wallet in the following ways:
- Easy to pay utility bills, be it for electricity, municipal taxes, broadband/landline, mobile recharges, etc.
- Easy to pay education fees or home rent
Easy to book tickets for flights, buses, trains, movies, and more
- Easy to make purchases from other partner apps like Uber and Flipkart to make payments via Paytm Wallet
- Easy to make FASTag payments
Other benefits of using Paytm Wallet for end consumers are:
- Safety of payment transfer
- Quick and easy process to accept and send money
- Exciting cashbacks and rewards at their perusal
- Paytm Postpaid facility which is beneficial for both consumers and merchants
- Payment reminders to keep you from missing out on any regular bill or recharge
- Spend Analytics to track your expenses
- 24×7 support services
Features of Paytm Wallet you might already know
Paytm is the largest payment platform in India that can be used by both consumers and merchants to send/accept money online. Given below are some of the primary features of Paytm Wallet:
- Secure and safe transfer of money from one bank account/Paytm Wallet to another
- Ease of adding money to the Paytm Wallet via credit cards, debit cards, UPI, and other payment sources
- Simple KYC process to increase the money transfer limit to Rs. 1 lakh for Paytm Wallet
- Supports QR codes to pay merchants
- Easy to create sub-wallets, like Food Wallet, Fuel Wallet, or Gift Wallet for employees/employers
- Easy to transfer money back to the bank account after adding it to the Paytm Wallet (minimal charges may be applicable)
Benefits of Paytm Wallet for merchants
With more than 330 million consumers using Paytm Wallet to make payments, it is quite obvious for merchants to start accepting payments via this popular payment mode. Whether you have an established business or are setting up a new one, accepting payments from users’ Paytm Wallet can be beneficial. If you, as a merchant, want to accept payments via Paytm Wallet, you should know about the following benefits:
- Easy to switch from cash to digital payments
- Easy to accept payments into your Paytm Wallet or bank account
- Best-in-class payment security mechanism in place
- Industry high success rate to ensure that your customers won’t face payment failure issues
With all these benefits, you might be wondering how to start accepting payments via Paytm Wallet. Simply integrate your business website or app with Paytm Payment Gateway.
Paytm Payment Gateway equals Paytm Wallet and more for your business
Like many other merchants, you might have also assumed that Paytm QR code is the only way to start accepting payments online via Paytm Wallet. The truth is – there is Paytm Payment Gateway – a leading and highly trusted payment gateway that India’s unicorn startups as well as government bodies trust to process their payments.
The right selection of a payment gateway has a huge impact on businesses in the long term. Paytm, being one of the leading fintech players in the country has all your needs covered through Paytm Payment Gateway.
Whether yours is a mom-and-pop store or a bigger establishment, you can start accepting payments via Paytm Wallet by integrating Paytm Payment Gateway into your business website or app. However, the list of benefits you can avail of do not end here.
Given below are the top five benefits of switching to Paytm Payment Gateway:
- 100+payment sources supported, including Paytm Wallet and Paytm Postpaid
- Best-in-class security of payments backed by 128-bit encryption
- 99.99% payment gateway uptime
- Quick and easy payment transfer with saved cards
- Next day settlements into your bank account (also known as T+1 settlements)
Recommended Read: What Makes Paytm Payment Gateway the Best in India?
Paytm Wallet related FAQs for merchants
How does Paytm work for business owners or merchants?
Merchants can start accepting payments via different payment solutions offered by Paytm for Business. The amount received from the customers via Paytm Wallet is then transferred to the linked bank account as per the settlement cycle.
Do merchants need to pay any charges to accept payments via Paytm Wallet?
There is no one-time or recurring fee charged by Paytm to set up and run a Paytm for Business account for merchants. However, the charges may be applicable with the use of other Paytm payment instruments, like Paytm Payment Gateway or Paytm Payment Links.
Does Paytm charge any convenience fee?
Paytm does not charge any convenience fee on customers to use Paytm Wallet to send or receive payments.
What is wallet convenience fee?
While adding money to your Paytm Wallet, the consumers do not need to pay any convenience fee via different payment sources except credit cards. Adding money to Paytm Wallet via credit card does include an additional charge.
