This is one of the People favorite application in this digital era.
Below is the detail explain about PAYTM (PAYTM Karo). It has successfully hit up the Indian market. Paytm(Paytm Karo)
Instruction are given below in
How to use the Paytm wallet and transact cash –free, follow the step below :-
- Set up a paytm account using your mobile number and email ID.
- Add some money to your paytm wallet using netbanking , debit card, or credit card.
- To transfer money to someone else , select the ‘pay or send ‘ option.
- Paytm wallet can be used to buy goods and avail services online & offline.
- Paytm wallet can be recharged via net banking and debit & credit cards
- Your paytm wallet can have upto 10000; do KYC for higher limit.
- It is the paytm and it is easy to transfer the money easily
- It is easily use in mobile phone
Paytm’s growth in India as a digital payment platform
Paytm a digital payment platform was launch in 2010 by one 97 communication. It allows transferring money into its integrated wallet bu debit card, credit card and net banking. This wallet can be further used to make payments for recharge, bill payments and shopping (Unicorn 2016). In the last 6 years, it has evolved over and has become the first choice of the users among all the existing payment platforms in India . It started by allowing the recharges for mobile phones , but soon it started providing payment options for other utilities such as metro card, Direct to home (DTH), data cards, electricity and water bills, flight and bus tickets. Additionally, it gives advantage of buying goods from its e- retail platform. After capturing the e- commerce too which allow small business owners to list their products on its website. Paytm(Paytm Karo)
Focused on making the transactions more secure.
Through there are various online payment platforms which give almost same facilities. However paytm has dominated the market with its high security features and quick user interface . In context of security, Paytm is Reserve Bank of India (RBI) approved wallet which is protected under Escrow account with a reputed bank.
Furthermore, it uses versign-certified 128-bit encryption technology . This implies that the secret key used in transactions, above than 1 lakh more secure, it has tied up with India stack too. TO ensure great scalability for it has been authorized to implement India stack’s components like ensign and e KYC for identification and authentication (India Stack 2016).
It has focused in building a system robust as well as secure. TO build a robust system Paytm has increased its sever capacity almost twice. Now it can handle at least 5000 transcation per second (bhalla & Krishna 2016). It has also capabilities to the app. This will allow the user to reply on the merchant‘s smartphone by entering their card details to make a payment. Paytm(Paytm Karo)
Major investors in paytm
The major investors in Paytm include:
- Ant finical known as Alipay,
- Alibaba groups,
- SAIF partners,
- Silicon valley Bank and
- Sapphire venture (Bailay &Chakravarty 2015)
- In March 2015, Patytm received an investment of US$ 575 million from Alibaba group a famous chienese e- commerce company. Similarly Indian industrialist Ratan Tata too made a huge personal investment in it.
Market reach and future investments
Paytm is planning to disburse small loans to 500 million of the population by 2020 in its marketplace. It has been also seen that last years it has captured 26%, National Electronic Fund transfer (NEFT) at 25% and Unified payment interface (UPI) at 9%.
Shifu known for consumer behaviour prediction platform and near in have been acquired by paytm and near in has been undertaken to strengthen up its online to offline platform
For the coming year it has planned to add some new features and services, to have around 5 million merchant to make and accept digital payment in its platform. It is also planning to make the sales and distribution companies to integrate in it.
Benefits of using paytm wallet
- It is fast &safe
- No need to carry debit or credit card means fewer chances for being fraud
- Easily return money to the same bank when you needs ,
- Transfer money from paytm to bank account as low as 2.04%
- Get cashback on most of the store using paytm wallet ( but it’s promotional, can be removed such offer any time),
- Less documentation at your home to Upgrade paytm wallet limit (now available for all cities)
- Good wallet limit for KYC customer (25k) & Non-KYC customer (20k) both.
- Easy & authomatical refund to paytm wallet in case of product cancellation at partners store.
- Transfer money to the bank at any time at nominal charges (currently 2.04%). Paytm(Paytm Karo)
To use paytm in smart phone
- To begin with these services, users must already be registered with paytm.
- Registered users can then call on the toll- free number – 1800 1800 1234 to receive a call back from the paytm team asking the user to set up a 4 digit pin for their account.
- The call then precedes to ask if the user needs to make any transaction right away.
- For any future transactions, users can simply call on the toll-free number, enter the number in which funds are to be transferred and enter the amount to be transferred followed by their four – digit PIN.
- Most of the existing paytm user might not be too excited about this feature, reason being the regular internet availability with which they already used the paytm services.
- Yet there is no doubt that paytm will be able to Acquire a whole new market segment with this new feature.
- Any feature phone user and people not accustomed to using digital platforms for transactions will find this service to be a relief.
- It is surprising to note the rate at which patym is expanding its list of services after demonetization and aiding people in coming up with the drastic change.
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