What is Paytm And How to Use It in 2022

Our today’s question is What is Paytm? It’s a mobile payment and commerce platform that makes it easy for you to transfer money instantly, at zero cost, to anyone using the Paytm Wallet. You can use this money on the go to pay effortlessly at several places!

Paytm is one of India’s most popular mobile payment apps and is often used as a substitute for cash. It was founded by Vijay Shekhar Sharma and launched on November 27th, 2010. It has since grown to be India’s most significant mobile payments and commerce platform.

Using your phone as a wallet has become easier than ever with Paytm. This article will explain to you what is Paytm and how you can use it to make payments from your mobile in 2021.

Download the App

Paytm is available as a free app on the Google Play Store for Android users and the Apple app store for iOS users. All you need is an email ID and an internet connection to download India’s most trusted payment app.

Creating your Paytm Account

Creating a Paytm account is easy. You just need a mobile number to make an account. Your mobile number is your ID, and you can link any bank account to it. Once your phone number is verified, the process of linking a card takes less than five minutes!

You should note that you need to connect Paytm to a bank account to activate your account.

Paytm Wallet: Your Personal Bank Account on your Phone!  

The PayTM wallet is a virtual bank account that you can use to make payments and transfer money. It’s free, secure with no hidden charges or fees attached whatsoever – it’s just like having an ATM card in the palm of our hand at all times!.

The Paytm Wallet has no transaction fees or hidden charges for transferring money from one wallet user’s balance into another’s – making this an attractive option compared to other mobile wallets. 

Ways to Collect & Make Payments via Paytm

The money that you add to Paytm gets stored in your wallet. You can add as low as Rs. 50 and a maximum of Rs. 1 Lakh in your wallet.

By Phone Number

You can use your Paytm wallet to pay for goods and services at over a million places across India. You just need the phone number of whoever you are paying, their name or email ID (if they have an account with Paytm) and then enter how much money that needs transferring from one person’s Paytm wallet into another’s. Consider this as money from your mobile number being paid to someone’s mobile number. The transaction happens through the Paytm app.

By scanning the Code

Another way to pay through Paytm is by scanning the code of the user. Every Paytm wallet has a special QR code that the other person can scan. Once you scan it, enter how much money needs to go from one wallet into another and then confirm your payment through a One Time Password (OTP) sent on their phone number or email ID. You will need an internet connection for this transaction as well because Paytm is not available offline.

Merchants often use this method to collect payments. You might have seen a QR code on the merchant’s shop. You can scan this and pay them without giving your debit card details or any other personal information, just by using Paytm Wallet.

Paytm UPI ID

You can also get a UPI id and use it to collect payments via any other UPI app. The general UPI id’s given by Paytm are “phonenumber@paytm”. You may pay to any UPI id on Phonepe or any other wallet. 

Sending money from Bank Account

If you have received the money in your Paytm wallet, you can easily send it to your connected bank account. This is considered an NEFT transfer and takes up to two hours for the money transfer.

The process is simple, and you can do it by following these steps:

Log in to Paytm with your registered email ID or phone number, password & One Time Password (OTP) if required; select “Send Money” from the top menu bar > Select Bank Account option on the next page and complete the transaction.

However, there are some charges that apply to such transactions for normal users. To help merchants collect payments in their wallet, they launched “Paytm for Business”. This is a specially designed app for merchants who collect payments over Paytm.

Paytm for Business

Paytm for Business is a new app that was launched in 2018. The process of using this App to collect payments from customers and transfer money into your bank account, or vice versa is very similar to the ones on regular Paytm accounts but there’s one major difference: There’s no charge when you withdraw money from your wallet to your bank account.

Unlike Paytm, the new app Paytm for Business is for merchants and small businesses that collect payments from customers through Paytm. The app can be downloaded free of cost from the Play store and ios app store.

Another difference is that the limit of 1 lakh does not apply to these business accounts. However, Paytm automatically transfers the money to added bank account daily morning.

If you are a merchant, you should surely get Paytm for Business and complete your KYC to enjoy the added benefits.


Paytm is an excellent platform to collect or transfer money. Apart from this, it can be easily used to pay bills, recharge your mobile phone or DTH connection, buy air tickets or train tickets, book movie tickets, and much more.

The best thing is that you can do all these things without having to carry cash or cards with you.

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