E wallets are a type of electronic accounts, which is used to make transactions using a smart phone or a computer. They tend to give you same utility like of a debit or prepaid cards. An individual needs to link his Bank to the wallet in order to make or to receive payments.
A user can store money for any future transactions to be done online. These wallets should be protected with robust passwords to prevent phishing. Nowadays, due to integration of various industries one can book tickets, shop online, transact with a click of a button.
Setting up an e-wallet is easier than to open a bank account. A user just needs to install the app on your smart phone and provide with the relevant details. When carrying out a transaction, the wallet automatically fills in the user’s information and the user just needs to provide with a password to execute a transaction.
Although Paytm started as a digital wallet, it is now a ticketing and a online shopping site.
The E wallet works like a mobile banking app which is a host of tailor made and attractive features. This ensures that any user has a personalized experience.
After opening a Paytm wallet, you can use the wallet to buy and use the different facilities available in the app. . From booking movie tickets to flight tickets, Paytm has got you covered.
Paytm claims that their mobile app is best in class when it comes to processing time and transferring money from your bank account to the Paytm Wallet. Bill payment/ recharges: Users can pay for all the utilities. From mobile recharges to gas bill payment, paying for cabs to payment of electricity bills. Exclusive offers: A wallet user could get personalised offers based on site clicks and previous transactions. E.g. If you use Paytm to pay for your uber rides, you can get offers on your next uber rides.
This is one of the new inclusion in the mobile app. Mobile app users get to avail the benefits of floor breaking deals where essentials are sold at jaw dropping prices less than half the market prices.
Recently, Paytm has started a revolution by launching Paytm Payment Bank, with an aim to redefine banking..
A user can open a fully operational savings account just by downloading the mobile app without paying any opening charge and there are no minimum balance requirements. As per new government regulations, a user can only keep a deposit up to Rs. 1 lakh at any given point of time. Any deposit held in Paytm Payments Bank account earns interest at 4% which is nearly the same interest rate offered by the various banks. Once a customer provides with the necessary details he/she is provided with a virtual debit card which could be used for online transactions. A user could also request for a physical debit card without paying any charge. Paytm debit cards can be used at more than 2 lakhs ATM’s across the country.
One of the salient features of this payments bank is that a user gets an automatic term insurance with a sum assured of Rs. 2 lakh on death or total disability according to the terms and conditions.
Paytm has indeed been successful to initiate an era or modernized way of transactions where the customer facing processes are kept hassle and paper free. With an aim to retain and build customer base using personalized experience technique the company has managed to grow from a startup to label of trust within a span of 4 years.
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