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What is Paytm

What is Paytm?
Paytm is Semiclosed Prepaid Payment Instrument(SPPI)as per RBI definition.Paytm is a digital payments platform that allows you to transfer cash into the integrated wallet via online banking, debit cards, and credit cards, or even by depositing cash via select banks and partners. Using the money in the Paytm wallet, you can pay for a number of goods without using cash.
Paytm, founded by Vijay Shekhar Sharma, a common man from Delhli, owned by One97 Communications.

Among the transactions you can make on Paytm are recharges for mobile phones, metro cards, DTH cable, data cards, etc, as well as postpaid payments for mobile phones, landline/ broadband, electricity, water and gas bills, etc. You can also book tickets for buses, trains, flights, movies, hotel rooms, etc. and pay for Uber cab rides using the platform. Additionally, you can buy goods on the company’s e-commerce platform using the wallet, and even make offline payments at over 8 lakh merchants, and rising at a quick rate.
Paytm wallet  is the digital payment instrument where you can transfer money from your bank account or credit card to use for transactions on the platform. You need to set up an account using your mobile phone number and email ID to setup a Paytm account and transfer cash to the wallet. You can add up to Rs. 10,000 in a month in the Wallet; if you want to increase the monthly limit, then you can get the KYC (Know Your Customer) processor done. With this, you can have up to Rs. 1 lakh in the Paytm Wallet at any point of time.
In order to use paytm wallet and transact cash- free, follow the below steps : 
  1. Set up a Paytm account using your mobile number and email ID
  2. Add some money to your Paytm Wallet using netbanking, debit card, or credit card
  3. To transfer money to someone else, select the 'Pay or Send' option
  4. You can make payments to others or to bank accounts On paytm by scanning a QR code
  5. Alternatively, you can send money to another Paytm user via their phone number.
Paytm uses Verisign-certified 128-bit encryption technology, which means that the secret key used in transactions is a sequence of 128 bits and does not reveal anything about the password length or contents. The platform is PCI DSS 2.0 certified, which means it does not store credit card data in unencrypted form.

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