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Paytm Payments Bank Launched: Know How to Open Paytm Bank Account

Paytm Payments Bank Launched

Paytm Payments Bank: Paytm has launched its payments bank on Tuesday targeting 500 million customers by 2020. This Paytm Payments Bank offers 4 percent interest rate, cash back on deposits, no minimum balance requirement and zero fees on online transactions.

Paytm has spent an initial investment of Rs. 400 crores to build it network in the next two years. Japanese conglomerate SoftBank and Chinese firm Alibaba backs the Paytm Payments Bank. Paytm claims the third entity in India to launch payments bank after Bharati Airtel and India Post.

“RBI has given us an opportunity to create a new kind of banking model in the world. We are proud that our customer deposits will be safely invested in government bonds, and be used for nation building. None of our deposits will be converted into risky assets,” says, Vijay Shekhar Sharma, Chairman, Paytm Payments Bank.

Paytm Food Wallet for tax-free food allowance to employees instantly

All the digital wallets will be shifted to the Paytm Payments banks post the launch.

How to open a new account in Paytm Payments Bank?

Customers can open a new account by logging in to www.paytmpaymentsbank.com or download the Paytm Payments Bank iOS app. Customers should submit e-KYC (Know your customer) documents. Paytm is setting up KYC centers across India to make the Paytm Payments Bank account opening process easy.

Existing digital Paytm Wallet customers will be transferred to the Payments Bank automatically after the launch. Customers have no option to choose to switch or not.

“Our ambition is to become India’s most trusted and consumer-friendly bank. Leveraging the power of technology, we aim to become the preferred bank for 500 million Indians by 2020.We will invest over Rs. 400 crores over the next two years to build banking network across the country,” says, CEO Renu Satti, Paytm Payments Bank.

Idea Payments Bank to Unveil in the First Half of This Year

At an earlier stage, Paytm Payments Bank accounts will be available on an invite-only basis. Later, its employees and associates will get the beta version of the banking app. The company plans to roll out 31 branches, and 3,000 customer service points the first year after its launch. Users will also get RuPay debit cards to withdraw cash from any ATM in the country.

Check out the Top 10 Mobile wallets in India to make Online Transfers

mobile wallet

E-wallets have become the major platform for transactions in India.  With the massive push for the cashless economy by Government, people are now downloading e-wallets for transactions to happen in a digital way. Sustained by the ban on Rs 500, Rs 1000 currency notes in India, Mobile wallet concept is surpassing debit card usage.

The mobile wallet concept is replacing traditional payment methods. This virtual mobile-based wallet stores cash for making mobile, online or offline payments. Several types of mobile wallets are present in India, such as open, semi-open, semi-closed and closed. Choose the right one for you based on the type of usage and payments which you opt to make.

Here we provide you top 10 mobile wallets in India and what they offer you:

PayTM

PayTM, one of the India’s largest mobile commerce platforms offers a digital wallet to make e-commerce transactions. Apart from that, PayTM wallet can also be used to, transfer money, make bill payments and to get services from merchants from entertainment, travel and retail industry.

The company has also partnered with premium educational institutions in India and introduced cashless payments for bills, fees, and other expenses. The mobile wallet has a huge user base in the country with more than 1,000,000+ app installs.

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

Momoe

This Bengaluru-based startup focuses on changing the stereotypic way of paying while eating out, travel and shop. Using the Momoe app, you can store the details of credit card and make mobile payments at various grocery stores, restaurants, apparel, salons and other retail outlets.

The users can see live tabs, split bills and pay directly, without waiting for a physical bill to arrive. As of now, the app only serves Bangalore and will expand their services to six new cities soon.

PayUMoney

PayUMoney, Gurgaon-based online payment solutions Company, has launched its e-wallet last year. It enables a user to store money and make various transactions. PayUMoney stands unique among other apps by providing a broad range of benefits which include one-touch checkout and discounts / cashback offers on each transaction.

PayUMoney also provides instant refunds when an order is canceled. Ensuring buyer to choose right purchase and customer satisfaction is centered by the e-wallet.

Mobikwik

This independent mobile payment network connects 25 million users with 50,000 retailers and more. The mobile wallet allows its users to add money using debit, credit card, net banking and also provides doorstep cash collection service. Mobikwik can be utilized for mobile recharge, pay utility bills and shop at marketplaces.

Recently, MobiKwik has tied up with large and small time restaurants grocery, and other offline merchants to meet the growing need.

Soon you can book your IRCTC train tickets on e-wallets like PayTm, JioMoney and Airtel Money

Citrus Pay

Citrus Pay is a popular e-wallet app for payments, cash storage, and money transfers. Besides, tie up with online service providers from varied sectors, Citrus Pay has collaborated with gifting and shopping portal Woohoo. This lets customers shop at more than 5000 offline stores listed with them.

State Bank buddy

State Bank of India launched mobile wallet application to let users pay bills, recharge, transfer money to other bank accounts and users, book for hotels, movies, shopping as well as travel.

This semi-closed prepaid wallet serves in 13 languages and is made available for non-SBI customers too. This app also allows customers to set reminders for money transfers, dues and view the mini-statement for the transactions carried out.

Citi Masterpass

‘Citi MasterPass’ launched by Citi Bank India and MasterCard. The company claims this as India’s first global digital wallet for faster and secure online shopping. Citi Bank Debit and Credit card holders become the first to be able to shop at more than 250,000 e-commerce merchants. It also ensures faster checkout with a single touch or clicks and stores all your debit, credit, prepaid, loyalty cards and shipping details in one place.

ICICI Pockets

This digital bank by ICIC offers a mobile wallet for its customers. It provides all the privilege of using any bank account in India to fund your mobile wallet and pay for transactions. With ICIC Pockets, you can transfer money, book tickets, recharge mobiles, send gifts and split expenses with friends. This Virtual VISA card enables its users to transact on the mobile application or any website in India and provides exclusive deals or packages from associated brands.

Jio Money Wallet Application launched Android and iOS

HDFC chillr

Chillr created by HDFC is an instant money transfer app to simplify payment process and money transfer for its customers. You can transfer money to anyone in your contacts by using this mobile payment app, thereby cutting out on the hassles of adding a beneficiary. This exclusive HDFC Bank customers service can be used to recharge, send money, split bills, request or transfer funds and will be able to pay at online & offline stores soon.

LIME

The third-largest private sector bank Axis Bank launched ‘LIME.’ This application offers payments, mobile wallet, shopping, and regular banking facilities. This mobile wallet service is available for both account & non-account holders and allows the user to add money using credit, debit, and net banking details. Sharing of the wallet is also enabled for a particular purpose.

Paytm Mall Independence Day Sale: Paytm offers discounts and cashback on its products

While Flipkart and Amazon are gearing up for the Independence Day Sale season, Paytm Mall launched Independence Day Sale. The Indian digital payments platform has begun its sale on the app and website. Paytm Mall independence day sale offers discounts, Cashbacks on smartphones and other gadgets. This Paytm sale starts from August 8 and lasts until August 15.

The Paytm Independence Day discounts and cashback are applicable on laptops, smartphones, electronic appliances, and accessories. Paytm users can get Rs. 8,000 cashback on iPhone 7 and iPhone SE gets flat 15 percent discount and Rs. 3,000 cashback. Thus, iPhone SE price comes down from Rs. 27,200 to Rs. 19,990 effectively.

Paytm Mall Independence Day Sale mobile offers:

Paytm Mall offers shopping vouchers and buyback value of Rs. 9,000 partnering with Cashify. Additional cashback vouchers worth Rs. 5,000 will be provided which can be applicable for Flight bookings, Apparels, and mobile Accessories. The iPhone 6 and iPhone 6s prices in Paytm Mall Independence Day sale are listed with Rs. 3,000 and Rs. 3,500 cashback offers respectively.

Independence Day offers: Flipkart Big Freedom Sale, Amazon Great Indian Sale offer discounts

Xiaomi Mi Max 2 has also been made available on Paytm Mall Sale. On the other hand, Lenovo, Panasonic, Micromax, and Vivo smartphones get a minimum of cashback of 10 percent in the Paytm Independence Day sale.

Paytm Mall Independence Day Sale offers on Laptops, TVs and accessories:

Paytm Mall Independence Day Sale provides cashback up to Rs. 20,000 on Apple, HP, and Lenovo laptops. 13-inch Apple MacBook prices only Rs. 51,990 after a flat cashback of Rs. 10,000. Lenovo Ideapad 320 is made available for Rs. 21,990 after a cashback of Rs. 5,000.

Paytm Independence Day offers to provide up to Rs. 20,000 cashback on big appliances like TVs and washing machines. Also, there is cashback offers up to 20 percent on Small appliances like Mixer Grinders and Fans.

Besides that, Paytm Independence Day Sale provides flat 20 per cent cashback on Printers and Rs. 20,000 cashback on DSLRs. Paytm offers on watches includes Titan and Fastrack brands along with 40 percent cashback. Apparels from Allen Solly and US Polo Assn have flat 40 percent discounts, and luggage section is served with 30 percent cash back. Above all, Paytm Mall is offering a chance to win an iPhone 7 for the buyers who purchase products worth more than Rs. 1,499.

For more updates on latest Paytm offers and sale deals, visit techfactslive.com. Follow us on facebook and twitter.

Paytm new refund policy: charges Rs 9 per ticket for cancelled movie tickets

Paytm Cancel Policy

Paytm new feature has made last minute movie ticket cancellation very easy. Digital Payment service ‘Paytm’ lets users cancel the booked movie tickets up to three hours of the Showtime to get full refund amount for Rs 9 per ticket.

The new feature is named Cancellation Project, where you can get your tickets at Rs 9 per ticket. However, Paytm’s Cancellation policy is not a unique idea.

CBDT Launches aaykar setu, a Mobile App to Pay Taxes and Apply PAN Card

App’s like BookMyShow has been working on this for quite some time now called Reserve Ticket, which enables you to book tickets with paying so that you can cancel them without losing any money.

Paytm has collaborated with many multiplexes including PVR, Cinepolis, Inox, and Carnival which plans to add 3000 screens in 2017.

With this update, Paytm is directly competing with BookMyShow which is focusing on business events along with movie ticketing. Last month, Paytm announced the acquisition of majority stakes of Mumbai-based events platform Insider.in. The further details of the deal have not enclosed by both the companies.

With the partnership with Insider. In, Paytm will be soon entering into the event booking business just like BookMyShow. Insider.in is the company which will allow booking the ticket to various collections of events around the country including Music, Food, Live comedy, Exhibitions, Festivals and Workshops.

Paytm Pre-GST Clearance Sale: Grab Discounts and Cash backs on Entire Product Range

Paytm Pre-GST Clearance Sale

Paytm Pre-GST Sale: Paytm Mall has launched a clearance sale ahead of the rollout of Goods and Services Tax (GST) next month. This Paytm pre-GST clearance sale offers discounts and cashback on consumer durables to clear existing stock. The merchants or authorized retailers across the country to host clearance sale with all brands. Also, the Paytm pre-GST sale includes offers on TVs, laptops, phones, ACs, and refrigerators.

The unit of digital payments platform Paytm is providing cash backs up to Rs. 20,000 on products like consumer durables, premium laptops, televisions and DSLR cameras. Besides that, products like Bluetooth speakers, footwear, and other accessories are on sale with discounts up to 50 per cent plus and cash back up to 25 per cent.

GST effect: Great discounts on Electronics, Clothes, Footwear and more

“This sale has come at an opportune time for offline retailers who are looking to offload their entire inventory before the new tax rates become effective. Will host over 6,000 retailers across 500+ brands, with all major brand labels participating in the retail extravaganza”, says Paytm, commenting on the Paytm pre-GST clearance sale.

GST will kick in from July 1 which is referred as the biggest reform ever since Independence. Finance Minister Arun Jaitley who is lead GST Council has fixed multitude rates on goods and services, which will impact prices once it is implemented.

Recently, the GST council has lowered the prices of 66 items like packaged food items. The tax slab of 18 percent has got cheaper with 12 per cent yet to come.

Paytm with a current user base of more than 225 million believes that this Paytm pre-GST clearance sale will mark notable sales. As the sale comes to an end by 15 June, customers are rushing to grab the deals with attractive Paytm cash backs.

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