Paytm Full Form – What Is Paytm, Definition, Meaning, Uses

Paytm Full Form Friends, in this article, we’ll look at the full form of Paytm. We can see from the Paytm logo that this platform was created for payments, and there is no digital payment that you couldn’t get on Paytm today. You can pay for cellphone recharges, EMIs, bills, money transfers, LIC premiums, shopping, and DTH recharges from here. Paytm also refers to mobile payments.

Vijay Shekhar Sharma, Paytm’s founder, and CEO founded the company for this reason so that ordinary people could make online payments via their mobile phones. When Paytm first launched, it was just a wallet where customers could recharge their phones. However, everything from cell phone recharging to stock trading may now be done here.

Paytm Full Form

Paytm full form is Pay Through Mobile. It is an Indian e-commerce shopping website with headquarters in Noida, Uttar Pradesh. It began with mobile recharges and utility bill payments, and has now grown into a full-fledged market with over 100 million registered customers. It was able to attain 60 million monthly orders in a short period.

Paytm: Pay Through Mobile

Paytm Full Form
Paytm Full Form

Paytm is a corporation based in India. One97 Communication Limited launched Paytm in August 2010. Mr. Vijay Shekhar Sharma, the company’s creator, began Paytm as an online mobile recharge app. Paytm, on the other hand, has evolved into a full-fledged payment bank in recent years.

Paytm is a virtual wallet app, sometimes known as an electronic wallet app. This program is called an E-wallet because it stores money in the same way that a wallet does. The only difference between an E-wallet and a physical wallet is that the money in your physical wallet can be touched and seen, but the money in the Paytm E-wallet App is maintained digitally in the Paytm Wallet. You can only send money to someone else digitally over the internet.

What is Paytm Wallet and how does it work?

As previously stated, Paytm Wallet is a digital payment device that allows you to transfer money from your bank account or credit card to use for platform transactions. You must register a Paytm account using your mobile phone number and email address to transfer money to your wallet.

In a month, you can contribute up to Rs 10,000 to the wallet. You can get a KYC Know Your Customer processor if you wish to enhance the monthly limit. You can transfer up to 1 lakh to your Paytm Wallet at any moment with this.

What is the difference between Paytm and Paytm Wallet?

  • If you wish to utilize Paytm Wallet to make cashless transactions, you must first complete the following steps:
  • To begin, create a Paytm account with your cellphone number and email address.
  • Add money to your Paytm Wallet using Net Banking, Debit Card, or Credit Card after you’ve set up your Paytm account.
  • If you wish to send money to someone else, select Pay or Send from the drop-down menu.
  • You may now scan any QR code and send money to friends or bank accounts using Paytm.
  • You can now send money to any other Paytm user by dialing their phone number.

How to make use of Paytm

You don’t need to do much to make an online payment using this; all you have to do is create an ID on it using your smartphone, and then you can effortlessly make online transactions. After you’ve downloaded the app to your phone, you’ll need to register an account by dialing your phone number, and then you’ll be able to make payments directly from your ATM card after you’ve verified your phone number.

You can also deposit money on Paytm, but you’ll need to use the Paytm Wallet to do so. This is a Paytm feature that allows you to deposit money so that you can buy something later, or so that you can pay for goods and services at other locations. Initially, only mobile recharges, DTH subscriptions, and bill payments were possible, but you can now make any payment you choose.

How can you add money to your Paytm Wallet?

Adding money to your Paytm Wallet is simple. To do so, the first log into the app, then head to the Wallet section, where you will notice an option to Add Money, which you should select. You can now deposit funds through Net Banking, Credit Card, Debit Card, and any other method. However, once you’ve put money into it, you can only shop there; you can’t leave.

Following the demise of the 500 and 1000 rupee notes, Paytm has introduced a new tool called Near Bye, which allows customers to locate nearby Paytm-accepting merchants. This feature is very useful for persons who do not have access to cash or who have a limited amount of cash.

What is Paytm’s background?

The history of Paytm can be found in detail below:

Paytm was founded by One97 Communications Limited in 2010. It started as a website for mobile phone recharges. However, during a visit to China, its creator Vijay Shekhar Sharma saw that some vegetable merchants were receiving payments from customers using their mobile phones. Seeing them prompted him to launch a service comparable to theirs in India.

  • Paytm Wallet was released by Paytm in 2013.
  • As of November 2016, Paytm was the largest mobile payments platform, with over 150 million wallets and 75 million Android app installs.
  • In March 2015, Indian businessman Ratan Tata made a personal stake in Paytm. Alibaba Group invested $575 million in the company in the same month.
  • In March 2016, Paytm borrowed Rs 300 crore from ICICI Bank as Paytm working capital.
  • In May 2017, Japan’s SoftBank invested $1.4 billion in Paytm. SoftBank’s investment in India was its largest to date.
  • Paytm was granted a license by the Reserve Bank of India in 2015 to establish Paytm Payments Bank Limited, India’s first payments bank.
  • On March 16, 2017, Paytm introduced mobile payment services in Canada, allowing users to pay for mobile, internet, water, and power bills.
  • In February 2017, Paytm Mall, a distinct e-commerce app, was launched.

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