Tag: Paytm

What’s happening with Paytm?

Paytm has been under some serious trials in India. Is Paytm Wallet going to continue functioning after March 15? Paytm has not provided a clear clarification on this matter yet. Although they have published a detailed FAQ page explaining what will and will not work on Paytm after March 15, they have not specifically mentioned whether the Wallet will still be operational for those who have not linked it with Paytm Payments Bank.

The company has not given any indication as to whether the Wallet will continue to function for users who have linked it with other banks. Paytm has stated that the ban will not affect features such as Paytm QR, Soundbox, and Card Machine. Paytm Payments Bank is set to be banned or seized next month, as the deadline for this has recently been extended. However, there is still confusion among some people regarding whether Paytm will completely stop working or if certain services will still be available. While Paytm has provided information on what will work on the platform after March 15, they have not clarified the status of the Wallet for users who have not linked it with Paytm Payments Bank.

The company has stated that if your Paytm account is linked with Paytm Payments Bank, you will be able to continue using it, withdrawing funds, and transferring to other wallets or bank accounts until the balance is available. However, after March 15, 2024, you will not be able to make any deposits into the Wallet. Refunds and cashback can still be credited to your Wallet. It has been confirmed that users will still be able to use the Paytm app for bill payments and recharges without any interruption. The recent ban on Paytm Payments Bank will not affect individuals who have linked their Paytm accounts with authorized banks such as ICICI, HDFC, and others. Users can carry out their usual transactions, including recharges and bill payments, through Paytm. It is important to note that the ban imposed by the Reserve Bank of India only applies to users who have specifically opened accounts with Paytm Payments Bank.

The recent announcement from the Reserve Bank of India (RBI) has prompted Paytm Payments Bank to provide further details on the impact of the directive. As of March 15, 2024, new deposits and credit transactions will no longer be accepted by Paytm Payments Bank Account/Wallet. Nevertheless, customers can still withdraw funds from their existing balance post this date. It’s worth noting that the directive does not affect the current balances in customers’ accounts or wallets, and the company guarantees the safety of their money within the bank.

“Digital Payments Is The Future” Says Paytm CPO Shreyas Srinivasan Addressing UPI Lite

UPI payments have become a conventionally important part of our banking experience. UPI has enabled the country’s people to carry out transactions easily. However, the UPI payment system does come without its cons. One of which is a cluttered bank passbook containing even the littlest transactions like buying a bottle of water or even a piece of chewing gum. Another restriction is the cap on the number of transactions one user can make in a day. To solve the issues related to small UPI transactions, the Reserve Bank of India launched UPI Lite to facilitate faster and easier transactions in September 2022.

Homegrown Paytm Payments Bank was the first digital payments platform to offer UPI Lite with the service crossing 2 million users with over half a million daily transactions recorded in a short amount of time. There are no second thoughts about UPI Lite being a runaway hit, so, what exactly is it? I was lucky enough to get a briefing about UPI Lite from Paytm’s Chief Product officer followed by an interaction where we discussed the challenges and future of digital payments in India. Firstly, here’s everything you need to know about UPI Lite –

What is UPI Lite?

UPI Lite is a digital account designed to make low-value transactions easier and quicker. It comes with a maximum balance limit of 2000. The maximum balance limit can be added to the account twice daily enabling transactions up to 4000 in a day. The maximum value allowed per transaction is Rs 200. It can be regarded as a compressed version of UPI that is designed for low-value transactions from Re 1 to Rs 200.

UPI lite comes with its own sets of advantages above the standard UPI system. Transactions made using UPI Lite do not clutter users’ bank passbooks. The statement only comprises of top-up transactions done during UPI Lite decluttering the passbook. Another main advantage is having no cap on the number of transactions made. Whereas, users are also not required to enter their 4 or 6-digit pins using UPI Lite. During my briefing session, Paytm CPO Shreyas Srinivasan emphasised on banking industry evolving to become a technological industry and UPI Lite seems to lessen the gap between the two. Here’s Exhibit’s exclusive conversation with Paytm CPO Shreyas Srinivasan –

EX: Firstly, congratulations on the success of UPI Lite. Being a spearhead in digital payment technology in India, what challenges does Paytm face on a daily basis?

Shreyas: I think on a daily basis, our challenges are customer challenges. We work hard to make sure our customers don’t face any challenges but since we have millions and millions of people using our payment systems we have issues like failed transactions, soundbox not playing when a transaction is made and similar are some of the issues we grapple with every day. New users who are new to mobile and digital payments not knowing how to activate UPI is also one of the challenges we work on every day.

EX: What is your goal with the UPI Lite service in a country that is as financially diverse as India?

Shreyas: I think more than UPI Lite, our overall motivation is to make sure 100% success rates on all our transactions. I think everything we do is a movement in that direction, UPI Lite increases success rate along with all the work we’ve put in making Paytm banks the first digitally native bank which supports millions of transactions is towards that goal. Every time you want to pay, it should be a successful transaction.

EX: What do you think is the future of digital payments in India?

Shreyas: I think it is the future! I think digital payment is the future, we’ve seen digital payments bring millions of people into the mainstream economy. Users who did not previously have a banking profile or banking history were previously forgotten on the edge of the mainstream economy. We’ve seen millions of them come to the forefront because of digital payments. Tools we’ve built like the soundboxes have now enabled small merchants to become savvy and accept digital payments. Be it a small merchant selling coconut by the street or any merchant selling things on the highway, all of them are now accepting digital payments. Paytm’s mission and vision are to bring 500 million users into the mainstream economy and we’re enabling them with the form of digital payments.

EX: We think digital payments are also bringing the country together…

Shreyas: YES! Trust improves trade and trade improves GDP. In fact, a lot of progress of a country is built on trust and this is the first time that users can see the person they’re paying along with their banks while making a digital payment. I think it really is building a fabric of trust when it comes to payments in the country which definitely brings the country together and makes our growth possible at a faster rate.

10 Must-have Apps to Make Your Travel Easier

Oscar Wilde right quoted, “Live with no excuses and travel with no regrets”. Just the mere fact of going on a trip gives the adrenaline rush that none of us can deny. Especially a day before the journey commences. That restive night pondering the thoughts on missing our trains or flights if we do not get up on time. One of the primary concerns on a journey is good quality food. Thanks to the technological revolution, you can pre-book your favourite meal, which will be delivered to you on your seat. But it is a remarkable fact that nothing can beat the pooris and aloo ki sabji packed by our beloved mothers with a pinch of your favourite achaar. Planning a trip is not science but is enough to panic attacks. Thanks to our dads for being so particular about overseeing every minute detail of the journey. Sincere mentions the technology to make planning easy by breaking it down into a step-by-step  process.

For that, we can use these suggested mobile apps.

1. Make My Trip: This app is a one-stop place to make all your travel bookings as well as to book your hotels, homestays, rent a car, and fun activities at your destination. They have a chatbot that helps you plan the trip and gives suggestions regarding the
destination.

2. IRCTC: The Indian Railway Catering and Tourism Corporation is the go-to railway ticket booking site all Indians have been using. The Indian government powers it. It also lets customers book flight tickets, hotels, meals on the train, buses.

3. Google Maps: This app needs no introduction. We all have been using it in our daily lives, and it is a helpful app while travelling to lesser-known and unknown destinations. Google maps let you know the nearest petrol filling stations, restaurants, medical shops, real-time traffic updates, hotels.

4. Google Translate: Communicating in the local language of the place you are travelling to can make your stay easier and help you mix with the locals. Google translate is available across 100 languages and translates words, phrases, and web pages.

5. Ola / Uber: Having a smooth commute inter and intra city can make so much of a difference when you are on holiday. Both are the leading cab services in India, providing 24*7 cabs at our doorstep.

6. Paytm/ Phone Pe: After covid, everyone has shifted to online payments, which are more accessible and cash-free. All that you need to do is link your bank account and start with your transactions. Sending and receiving money from others has also been made easy; it is done with one click on our mobile apps.

7. Red Bus: Booking inter-city buses are made easy with the red bus. It gives you plenty of options to choose from and your preferred location to board the train. Complete information regarding the bus, facilities and stops is given to the customer before booking the bus ticket.

8. Audio Compass: This mobile app turns your mobile into a personal audio tour guide. Having over 1200 attractions across countries like India, Oman and Singapore. Audio compass is the official audio partner with Incredible India.

9. Spotify: Music is a great companion while travelling, whether solo or with someone. Having your playlist can make you feel more comfortable while travelling and avoid unnecessary noises.

10. Couchsurfing: on a solo trip and want to make new friends at your destination? Well, this is for you. It tells you verified hosts in your city, fellow travellers, events happening around you.

How to Block UPI Apps if You Lose Your Phone?

The Unified Payments Interface, or UPI, has become a regular payment choice for millions of Indians as it allows consumers to transfer money from one bank account to another bank account within a few seconds, and that too without any hassle. Apps like Paytm, Google Pay, PhonePe, Amazon Pay, BHIM app, WhatsApp Pay, MobiKwik, and banking apps such as SBI Pay, BOB Pay, and Axis Pay are a few of the top UPI payments apps in the country.

Almost 6 out of 10 smartphone-owners in India have one of these apps in their smartphones, which is directly linked with their respective bank accounts. All of the apps mentioned above are secured, and as per the latest reports, the National Payments Corporation of India (NPCI) has recently developed a method for transferring funds via UPI that does not require the use of an internet or mobile application.

The newly developed technology named USSD 2.0 allows smartphone users to send money via UPI by dialling*99# instead of the old method, which only works when the phone is connected to the internet. Almost every user knows how to utilise these UPI apps, but do you know how to block or deactivate these UPI payments apps from being misused if you lose your mobile phone? If not, we’re here to be your saviour.

All major banks in India support the UPI payment system to help the country transform into a digital economy. Currently, it is the most common and most favourable payment system in the country, with over 3000 million transactions to date. Also, in a highly populated country like ours, losing a smartphone is not a big deal, but it will definitely raise security concerns if you have an active UPI account on your smartphone. 

Nowadays, even a street vendor in India offers an option to pay via UPI, and every passing day we’re getting more addicted to the transaction system. Staying safe and alerted will never wreck you down, so first, understand one crucial element about UPI payment systems before getting into the step-by-step guide. Never share your UPI PIN or any other delicate details with anyone after losing your smartphone and during the whole process.

Step-by-Step guide on How to Block UPI Payments apps if You Lose Your Phone?

  • If you have a Paytm Account:

Step 1: Take another phone and call Paytm Payments Bank helpline number 01204456456, which will connect you with the customer care executive.

Step 2: After connecting, select the option for a lost phone.

Step 3: Later on, choose the option to enter an alternative number and enter your lost mobile number.

Step 4: Choose to log out from all devices, and head to the Paytm website, to select 24×7 help.

Step 5: Further, choose ‘Report a fraud’ and select an appropriate or any category.

Step 6: Click on the “message us” option and submit proof of account ownership (it can be either your credit/debit card statement showing Paytm transactions or a confirmation email/SMS for a Paytm account transaction or police complaint proof against lost or stolen phone)

Step 7: Once verified, Paytm will approve your request and block your account, and you’ll receive a confirmation message from the company.

  • If you have a Google Pay Account:

Step 1: If you’re a Google Pay user, then call the helpline number 18004190157 to block your account

Step 2: 

  • Choose your preferred language.
  • Inform the customer care executive about your issue.
  • Ask them to block your Google Pay account.

Step 3: If you’re an Android user, then you’ve one more alternative to block your Google Pay account. Android users can ‘remote wipe’ data from their phones saving them from after theft issues.

Step 4: Meanwhile, iOS users can follow the same by erasing their data remotely, but first enable Find My iPhone settings.

  • If you have a Phonepe Account:

Step 1: Phonepe users can call the helpline number 08068727374 or 02268727374.

Step 2: Select a preferred language and report your issue with your Phone Pe account by selecting the appropriate number option.

Step 3: Enter your registered phone number to get an OTP and then choose the option of not having received OTP.

Step 4: Now, select the given option to report loss of SIM or mobile phone.

Step 5: Further, you’ll be connected to the executive who will ask you the required information related to your account, and then the executive will initiate your block request.

  • If you have any other UPI Payment Accounts:

Step 1: First, call the customer care service of your network provider and request them to block your mobile number, which will restrict thieves from misusing your mobile number, generating a new UPI PIN, and do anything with your pre-linked UPI accounts.

Step 2: Next, call your bank helpline number and request them to deactivate your account linked mobile number and disable the UPI service.

Step 3: File an FIR complaint about losing your mobile phone and get a copy of the report so that you can use the copy of the FIR to apply for the same SIM card number in future.

Paytm Steals The Show Yet Again!

Paytm Steals The Show Yet Again!

According to digital payments major Paytm, they have registered over 70 crore transactions in June 2019. This was more than the total transactions done by all UPI based payment applications like that of Amazon Pay, Google Pay, Whatsapp Pay and PhonePe.

Paytm says that the increased number of transactions are due to the flexibility it has offered to its large customer base to select their preferred payment methods like wallet, UPI, cards and net banking as compared to other players that are focussed on cash back peer to peer (P2P) transactions for growth.

Talking about Paytm, they have already announced its plans to move away from incentivising P2P transactions and commit the same amount for achieving progress in offline merchant payments. In a market size of 80 percent, it targets to reach more than 2.5 crore merchants in th financial year 2019-2020.

Senior Vice President at Paytm, Deepak Abbot said that Paytm has achieved 700 million digital transactions in June 2019, which is much higher than overall UPI total transactions. As of now, Paytm holds an 80 percent share, and now it’s targeting a wider audience.

Our View

Paytm becoming the digital king in the market and a higher percentage of the population relying on digital platforms seems that Paytm is really upping the game. With more and more people switching over to digital methods, transactions have become a lot easier, than what it used to be a few days back.

However, the only shortcoming here is talking about the Tier 2 and Tier 3 cities, that haven’t really been savvy with the digital mode of transactions. Once that is sorted, Paytm would make its presence felt even more.

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