How Does Paytm Works and Make Money in India
If you are looking for how does Paytm works? Then here you will get complete information about Paytm and how it functions and earn money in India.
Paytm is one of the popular applications nowadays. Most people use this app for several purposes such as online shopping, bank transfer, buying small things in shops, and many others.
What is Paytm?
Paytm, a short form of “Pay Through Mobile”, is one of the quickest developing Indian online payments services and stores.
Paytm initially started as a prepaid mobile and DTH recharge service. And after that, it also added features of recharging data cards, postpaid connections, and landline bill payments.
So, in short, it is one of the popular Indian mobile payments and financial service companies that was founded in 2000.
What is Paytm Wallet?
Paytm wallet is only your computerised or electronic record, which automatically gets created when you sign up for Paytm. It enables you to store advanced cash and later use it for future buys. It is a protected, secure, and legitimately acknowledged type of record.
Much like your store and pull back cash from your bank account when you need it, Paytm wallet enables you to store your cash in a computerized structure and later use it.
Here and there while we attempt to recharge our mobile, payment counters are disappointed because of specialized blunders or some other explanation. If the sum is deducted from our Mastercard, charge card, net banking, and so forth, method of payments then it naturally gets put away in our Paytm wallet.
How Does Paytm Work?
Payment works in several ways such as Paytm wallet and Paytm payment bank. It is a digital platform that allows customers to transfer money through different possible ways such as UPI, credit card, debit card, and many others.
Also, on this platform, you can shop for many things and pay bills, recharge your mobile and can do other payments as well.
Paytm Wallet is a digital wallet in which you can keep money that you transfer from the bank to the wallet and use it for many purposes such as recharging, bill payment, shopping, etc. This helps you spend money without using physical cash.
If you have money in the Paytm wallet then you can also transfer it to your bank account but they charge you a few per cent on that.
Benefits of using Paytm wallet
- It is secure and fast
- You don’t need to share information of debit card, or bank account, when you pay through your wallet
- No need to carry plastic cards
- Easy returns
- The benefit of receiving cashback
- Nominal charges
Paytm Payment Bank
This works as other banks do. If you have the wallet of Paytm, you can transfer it to the bank account. Paytm payment bank is one of the popular online banks that you can use with ease.
You can enjoy many features in this bank as you do in other banks but before you sign up for that make sure you read their policies and terms.
Benefits of Paytm Bank
- The entire bank system is available on your smartphone
- No fine on zero balance
- 4 to 7% of annual interest
- KYC at your doorstep
- Zero transaction charges for NEFT and mobile banking
Recharge and Payment Model
Paytm is one of India’s largest payment platforms that you can use for recharge and many other payment purposes at different platforms such as you can use it for paying money to coffee shops, taxis, mobile recharges, electricity bills and more.
You can use the money on Paytm through your wallet or directly from your bank and linking a bank account with Paytm is quite easy.
Reasons Why Paytm Is Best
Payment has currently more than 40 million users, it is because it provides many features that make it the best platform.
Here are some reasons why it is the best platform out there:
Paytm offers many options such as bill payments, shopping, recharging, bus and plane tickets and many others. It is also integrated with many platforms so that you can buy things in one place such as Homeshop18, Ola Cabs, Makemytrip, etc.
You can use Paytm to transfer money to many people and it is fast and safe for online banking as well. It is approved by RBI so your money is in safe hands because it also works as per the financial regulations like other trusted platforms do.
The wallet is one of the best features that Paytm is famous for because it is secure and you can transfer money from this to anyone without sharing information about your plastic cards or net banking. So, it will secure your account from spammers.
Paytm offers you to save on various transactions in the form of cashback. These offers are completely trustworthy and are transferred to your wallet. Also, sometimes you earn discounts for other platforms which you can redeem to buy some items at a low price.
Ease of Use
The website and app of Paytm are being improved with technology and time so that it becomes easy for the customers to use it for several purposes. They have also tied up with many banks for your convenience. You can use several debit cards to top up your wallet.
How does Paytm make money in India?
Paytm is one of the recommended platforms in India for payment services because it has so many features that it has covered more than 40 million users in India.
Buth the question is how does Paytm make money in India?
There are many ways by which Paytm makes money in India. Following are some revenue lines through which Paytm makes money in India:
- Paytm Ecommerce (a B2C community where sellers and manufacturers can register themselves)
- When you transfer from wallet to bank account, they charge you some per cent on that amount
- Buying and selling services
- Through payment Paytm bank
- Advertising and promotion
Is Paytm safe to use?
Yes, it is safe to use Paytm as long as you use it carefully. Not only this platform, but any online platform also has a risk of being spammed. So, use them carefully. If you don’t know how to use it, learn how to use it before you make an account on Paytm and start using it.
Also, whenever you are using it to make a payment, the payment is not approved without an OTP. And with this OTP spammers can steal your money and there are other ways through spammers try to steal your money because they fool you and accidentally you give them the information they need to steal your money so be careful when making payments through Paytm or any other platform.
Although it is safe to use. Millions of people in India use it for almost any purpose that doesn’t need hard cash.
Now you are aware of how Paytm works and how it makes money in India. Go through the article and learn how the business model works, and learn how to use it to save yourself from any fraud.