“Just Paytm kar do” is soon becoming a big catch phrase especially now after demonetisation. The reason is simple. As no one has physical cash, the ATMs are choked with large queues and people are waiting more than an hour every time hoping to withdraw some cash which they may not get due to the ATM running out of physical money. So the next best thing to internet banking and credit cards is Paytm. This mode of internet transfer of funds is really catching up.
What is Paytm?
Paytm is a mobile application in which one can store money like a mobile wallet and then transfer it to someone using just a mobile phone. It has alerts, a passbook, a refund facility and acts as a bank on your mobile. This application is called Paytm which has caught on in India after demonetisation. One just needs to type the phone number, type the amount and on one click, the payment is made instantly. It also has a bar scanner which can be used to scan a barcode and then send the money to the account stored in the barcode. Paytm advertised heavily during the England-India cricket series.
One can refill one’s wallet only in batches of Rs. 5000 at a time. I keep about Rs. 20,000 in my mobile wallet. One has to be careful while using it because of a limit of Rs 25,000 per month. I exceeded this once and had to use my internet banking to pay the money. So, beware of these parameters. A new market of touts and money lenders are giving cash in return of Paytm. They then take a Rs. 50 for every Rs. 1000 given out as currency notes. So, people are making money like this also and this has become a trend. Ola Cabs do bookings only through its application on mobile. It has something called Ola Money instead of cash. Cab drivers, restaurants, food outlets, and eateries are all accepting Paytm as a legitimate and easy way of transferring money. Even vegetable vendors and milkmen are saying “Paytm kar do”.
I use it to pay bills, exchange goods with friends and also paying my cab driver. All the payments done through it are very convenient as no cheque and no cash is required. The app also provides an electronic receipt with cash back facility. As a freebie, Paytm is giving out free cash to its customers. New accounts are being opened up by Paytm as people who are registering and getting free cash. This will surely accelerate the digital economy and bring more transparency. The state will have all the records of your transactions and they will then be able to easily monitor your financial state bringing in then regulation to keep its grip on the taxpayers. Paytm will go a long way in fulfilling this dream of a new resurgent digital India whose new anthem is going to be “just Paytm kar do”.