Over 17 crore Indians use Paytm in their daily lives. That’s a lot of people and a lot of usage. There are a few common queries that we get from our users, and we have tried to answer them in one consolidated post. Here we go…
1. Does transferring money to the Bank from Paytm account take time?
At Paytm, we process your request for sending money to bank instantly every time you press ‘Send Money to Bank’ in the Paytm Passbook. In most cases, this money is reflected in user’s Bank accounts within few minutes.
However, when the banking systems are going through stress due to load spikes, banks could take up to 7 working days to credit the amount in your bank account. Please click here to read more on potential causes for delays in crediting money to your bank account.
2. Is Paytm safe?
Completely. Paytm is PCI DSS compliant in terms of security. We never store customer’s CVV number to ensure their Credit and Debit Card details are completely safe. All financial transactions on Paytm are done with 128-bit encryption SSL security. We also engage in real time monitoring and transaction engine to weed out suspicious transactions and ensure the customer’s money is always secure.
3. Does Paytm charges high fee every time you transfer money to bank?
All Paytm users can transfer money from Paytm to their bank account at 0% fee (till 31st January 2017). And once we launch Paytm Payments Bank, we will ALWAYS allow you to transfer money from Paytm wallet to Paytm Payments Bank Account at 0% even after 31 Jan’16.
Paytm Wallet to Paytm Wallet (When you Pay using Paytm to some other Paytm user): Lifetime 0%
Money Transfer from Paytm Wallet to Paytm Payments Bank Account:Lifetime 0%
Money Transfer from Paytm Wallet to Any other Bank Account:Applicable Charges Applied by your Bank. Currently it is 0% till 31st Jan 2017.
4. Can someone who has access to my phone steal money from my Paytm Wallet?
We have launched an app password feature for your Paytm wallet. This will ensure money in your Paytm Wallet is safe even if you lose or misplace your phone. Here is how you can set your Paytm app password.
5. Does sending money using my mobile number expose me to potential stalkers who can misuse my number?
Your security is of prime concern to us. When you transfer your money using Paytm, we ensure your mobile number is only partially revealed to the recipient.
Only the first two and the last three digits of your mobile number would appear in the recipient’s Paytm Passbook. This not only guarantees our customers full security against any fraud, but also protects them from possible harassment and spam calls. To know more, click here.
6. Is it safe to pay at Petrol Pumps using Paytm?
We ensure every member of the field staff at petrol pumps accepting Paytm are sensitized & trained about transacting either at the safe distance as specified by PESO or at the sales office of these petrol pumps.
7. Is Paytm only for users with a smartphone?
You can use Paytm even without a smartphone or when you don’t have internet. You can simply dial 1800 1800 1234 to pay money from your Paytm account.
To use this service, as a first step, Paytm customers and merchants must set their 4 Digit Paytm PIN by calling 180 1800 1234 They can then enter the recipient’s mobile number, amount and their Paytm PIN to successfully transfer the money from their Paytm wallet to another Paytm wallet. Want to know more? Click here.
8. Is the money I store in my Paytm Wallet ‘stuck’?
Over 1.5Mn (15 lakh) offline merchants across India currently accept Paytm as their preferred payment mode. Paytm is accepted literally everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops, newspaper vendors and many more. Click here to know more about your nearest Paytm merchant.
That’s not all. Paytm Cash can also be used to pay for online recharges, utility bill payments, book movie tickets or travel among other things on the Paytm Website or Android/iOS app. Paytm is also accepted at hundreds of third party websites.
In case you need cash, you can always transfer some money to your bank account instantly using the ‘Send Money to Bank’ option in the Paytm Passbook.
9. Does Paytm charge money to do KYC and become a VIP Customer?
Paytm doesn’t charge a penny to upgrade your Paytm Wallet. You can click on the upgrade option in the ‘Profile’ menu in your Paytm app and a trusted Paytm Agent would arrive at your address, collect the relevant documentation, guide you through the biometric verification process and your Paytm Wallet would be upgraded. Here is why it’s our best KYC procedure ever.
10. Does Paytm have a Customer Helpdesk?
A Paytm customer has various ways to get his/her grievances addressed. He/she can write to us at email@example.com, raise an issue through the ‘Customer Care’ section on app and web, or inform us about their grievances by calling on our 24*7 Customer Care helpline number — 9643–979797.
Alternatively, they can select a particular transaction in their Paytm Wallet Passbook and click on ‘Need Help’ to report an issue. While sending money using our instant money transfer facility, customers also have the option to click on ‘Have an issue?’ and report a failed transaction.
11. Is it difficult to upgrade my Paytm Wallet?
Upgrading your Paytm Wallet is quick and easy. KYC verified users automatically become Paytm VIP customers and enjoy several other benefits like no spending limit, exclusive offers and more.
Here is a detailed step-by-step guide about how to get your KYC done.
12. Can only registered businesses accept Paytm?
Anyone can instantly start accepting digital payments with Paytm. Here is a simple step-by-step guide about how to help your neighborhood shop to accept Paytm.
13. Is Paytm useful for merchants with business of more than Rs. 1 lakh.
Businesses can enable the Paytm Wallet at their retail outlets to allow quick and easy payments. It reduces queues at payment counters while making it easier to track each transaction. Our cost-effective solutions are geared to help companies serve customers better. In that case, there are no limits to how much you can transfer to your bank account.