Make Paytm account start within five minutes with this step-by-step guide. Learn how to create a Paytm account from scratch and start enjoying all its benefits.
What is Paytm?
Paytm is a digital wallet and payment service based in India. A Paytm account is a digital wallet account created by a user on the Paytm platform, which allows them to store money and make various types of transactions. Users can add money to their Paytm account using a variety of payment methods such as debit or credit cards, net banking, UPI, or other payment wallets, and use the balance to pay for various goods and services, including mobile recharges, bill payments, online shopping, and more.
Paytm also offers a variety of additional services such as a Paytm Payments Bank account, insurance, and investment options, and users can access these services from their Paytm account. Paytm accounts are free to create and can be used by anyone with a valid mobile number and email address.
Create Paytm account
You can create a Paytm account by following these steps:
- Download the Paytm app from the App Store or Google Play Store.
- Once the app is installed, open it and tap on the “Create Another Account” button.
- Enter your mobile number and email address, and then create a password for your account.
- Verify your mobile number and email address by entering the OTP (One-Time Password) you receive.
- Once your mobile number and email address are verified, you will be prompted to set up a Paytm PIN, which is a 4-digit security code that you will use to authorize transactions from your Paytm account.
- Next, you will be asked to enter your personal details such as your name, date of birth, and address. You may also need to upload a government-issued ID such as Aadhaar, PAN card, or passport for KYC (Know Your Customer) verification.
- Once you have completed the registration process, you can add money to your Paytm account and start using it for various transactions.
Note that the exact steps for creating a Paytm account may vary depending on your location and the version of the Paytm app you are using.
Also, Read Create Perfect money account 2023
Pros and Cons of Paytm
Pros of Paytm
There are several pros to using Paytm, some of which are:
- Convenience: Paytm is a convenient payment method that allows users to pay for various goods and services from the comfort of their homes or on the go through the Paytm app. Users can also add money to their Paytm wallet using various payment methods, such as credit/debit cards, net banking, UPI, or other payment wallets.
- Security: Paytm uses state-of-the-art security measures to protect user information and transactions, such as two-factor authentication, encryption, and other security features. Additionally, the Paytm wallet is RBI (Reserve Bank of India) certified and has PCI-DSS (Payment Card Industry Data Security Standard) certification.
- Cashback and Offers: Paytm often offers cashback and discounts to users for various transactions, such as mobile recharges, bill payments, movie tickets, and more. These offers can help users save money on their transactions.
- Bill Payment: With Paytm, users can pay various bills such as electricity, water, gas, and others from a single platform, which saves time and reduces the need to stand in long queues.
- Investment Options: Paytm also offers investment options such as mutual funds and gold, which allows users to invest their money conveniently from their Paytm account.
- Paytm Postpaid: Paytm Postpaid is a feature that allows eligible users to make transactions and pay for them later, making it convenient for users who may not have the funds immediately available in their account.
- Multiple Payment Options: Paytm offers multiple payment options, including credit/debit cards, net banking, UPI, and other payment wallets, which allows users to choose the payment method that is most convenient for them.
- Paytm Bank Account: Paytm also offers a savings account called Paytm Payments Bank that is integrated with the Paytm wallet. Users can use their Paytm account to open a savings account with Paytm, which offers several features, including a virtual debit card, no minimum balance requirement, and interest on deposits.
Overall, Paytm is a comprehensive digital payment platform that offers several benefits to users. Its convenience, security, and various additional features make it a popular choice among users in India, especially those who prefer to make digital payments.
Cons of Paytm
Paytm is a popular digital wallet and payment service in India that offers a range of services such as bill payments, mobile recharges, money transfers, and more. While Paytm has many advantages, it also has some potential drawbacks or cons, which include:
- Security concerns: As with any online payment system, Paytm is susceptible to cyber-attacks and data breaches. While Paytm claims to have secure servers and uses encryption to protect user data, there have been incidents of data breaches in the past that have raised concerns about its security.
- Transaction fees: Paytm charges a transaction fee on certain services, such as adding money to the wallet or transferring money to a bank account. While the fees are relatively small, they can add up over time and maybe a drawback for some users.
- Limited acceptance: While Paytm is widely accepted by many merchants and online retailers in India, it may not be accepted everywhere. This can be inconvenient for users who rely heavily on Paytm for their transactions.
- Customer service: Some users have reported issues with Paytm’s customer service, including difficulty getting in touch with a representative and slow resolution of issues.
- Dependence on the internet and mobile networks: Paytm requires an internet connection or mobile data to use, which can be a disadvantage for users in areas with poor connectivity. Additionally, if the Paytm app or the user’s mobile network experiences an outage, users may be unable to make transactions.
- Restrictions on transactions: Paytm has certain restrictions on the amount of money that can be added to the wallet and the amount that can be transferred to bank accounts, which may be a disadvantage for users who need to make large transactions. Additionally, Paytm has restrictions on certain types of transactions, such as buying or selling cryptocurrencies, which may be a disadvantage for users who require these services.
Paytm Is Best for:
- Tech-savvy individuals: Paytm is a digital platform that is well-suited for individuals who are comfortable using technology and digital payment methods. Its user-friendly app and website make it easy to navigate and complete transactions.
- Individuals who prefer cashless transactions: Paytm is an ideal choice for individuals who prefer cashless transactions over carrying cash or using debit or credit cards. With Paytm, users can pay for goods and services using their mobile devices, which is more convenient and secure.
- Busy professionals: Paytm is a great option for busy professionals who do not have the time to visit physical stores or banks to complete transactions. With Paytm, they can complete transactions quickly and easily from the comfort of their own home or office.
- Online shoppers: Paytm is a popular payment option for online shopping in India. With Paytm, users can easily make purchases from various online retailers and pay for their transactions in a secure and hassle-free way.
- Travelers: Paytm is a one-stop shop for travel-related bookings and payments. With Paytm, travelers can book flights, hotels, and bus tickets, and pay for their transactions using the digital wallet.
- Individuals looking for discounts and cashback offers: Paytm regularly offers discounts and cashback offers on various transactions, making it an attractive option for individuals who are looking to save money on their transactions.
Overall, Paytm can be a beneficial platform for anyone looking for a convenient and secure way to complete transactions, manage bills, and save money on their transactions.
Documents To Open and Verify a Paytm Account
To open and verify a Paytm account in India, the following documents may be required:
- Mobile Number: You will need a mobile number to create a Paytm account. This number will be linked to your account and will be used for verification and authentication purposes.
- Email ID (optional): While an email ID is not mandatory to create a Paytm account, it is recommended as it can be used for account recovery and other important notifications.
- Aadhaar Card (ID Card): If you want to increase your Paytm account limits, you may be required to provide your Aadhaar card. The Aadhaar card is a unique identification number issued by the Government of India and is used for various purposes, including identity verification.
- PAN Card: If you want to add money to your Paytm wallet or transfer money to a bank account, you may be required to provide your PAN card. The PAN card is a unique identification number issued by the Income Tax Department of India and is used for tax-related purposes.
- Bank Account Details: To transfer money from your Paytm wallet to a bank account, you will need to provide your bank account details, including the account number and IFSC code.
- Passport, Voter ID, or Driving License (optional): In some cases, Paytm may request additional identification documents, such as a passport, voter ID, or driving license, to verify your identity.
It is important to note that the exact documents required may vary depending on various factors, including your location and the type of account you are opening. It is recommended to refer to the Paytm website or contact their customer support for more information on the specific requirements for opening and verifying a Paytm account.
How to open Paytm bank account
To open a Paytm bank account, you can follow these steps:
- Download the Paytm app on your mobile device and open it.
- Tap on the “Bank” icon located at the bottom right corner of the screen.
- Tap on “Create a Savings Account” and enter your mobile number and email address (optional).
- Enter the confirmation code sent to your mobile number.
- Fill in your personal details, such as your name and address.
- After filling in your personal details, you will be asked to enter your Aadhaar number for identity verification. If you do not have an Aadhaar card, you can skip this step.
- Next, you will be asked to set a 4-digit Paytm passcode, which you will use to access your Paytm bank account.
- Once your account is created, you can add money to your Paytm wallet, transfer money to other bank accounts, and use other features offered by Paytm Bank.
It’s important to note that while you can open a Paytm bank account with just your mobile number and Aadhaar card, you may need to complete additional steps to complete the Know Your Customer (KYC) process to access certain features, such as higher transaction limits. You can complete the KYC process by visiting a Paytm KYC center, providing biometric verification, or submitting additional documents as required by the bank.
Overall, opening a Paytm bank account can be a convenient and secure way to manage your finances, make payments, and access a range of digital banking services.
How to create Paytm account without Bank account
To create a Paytm account without a bank account, follow these steps:
- Download the Paytm app on your mobile device and open it.
- Tap on the “Profile” icon located at the bottom right corner of the screen.
- Tap on “Sign up for a New Account” and enter your mobile number and email address (optional).
- Enter the confirmation code sent to your mobile number.
- Create a 4-digit Paytm passcode and re-enter it to confirm.
- Your Paytm account is now created, but you will not be able to add or transfer money without linking a bank account.
While it is not mandatory to link a bank account to your Paytm account, it limits the services that you can access. For example, you will not be able to add money to your Paytm wallet, transfer money to a bank account, or make payments to merchants using the Paytm app. However, you can still use the Paytm app for various other purposes, such as paying bills, recharging your mobile phone, and shopping online.
It is recommended to link a bank account to your Paytm account to unlock all the features and services offered by Paytm. To link a bank account, you can follow the instructions provided in the app or on the Paytm website.
How to create upi pin in Paytm
- Open the Paytm app on your mobile device and tap on the “Bank” icon located at the bottom right corner of the screen.
- Tap on the “UPI” section and select the bank account that you want to create a UPI PIN for.
- Tap on “Set UPI PIN” and enter the last 6 digits of your debit card number and the expiry date of the card.
- Enter the OTP sent to your registered mobile number.
- Set a 4 or 6-digit UPI PIN of your choice and confirm it.
- Your UPI PIN is now created, and you can use it to make UPI transactions, such as sending or receiving money, paying bills, or shopping online.
It’s important to note that you should keep your UPI PIN secure and not share it with anyone. If you suspect that your UPI PIN has been compromised, you should change it immediately using the steps above. Additionally, you should ensure that your mobile device is secure and that you have installed the latest security updates to prevent unauthorized access to your Paytm account and financial information.