Being India's largest mobile payments and commerce platform, 'Paytm' provides an easy access to electronic payment solutions. So far every 'Paytm' user used 'Paytm Wallet' as a digital tool to either transfer funds or to purchase something in its store, followed by recharge and other payment options. Now 'Paytm' introduced 'Paytm Payment Bank' to gift its customers with more options for everyday dealings. Eventually converting 'digital wallets' into 'digital bank' to provide more structured transactions and benefits for its users.
Even though it is not compulsory to open an account with Paytm Payments Bank to use the Paytm wallet, one may get more advantages or one of them could be better suited for one's requirements. So we are presenting everything you need to know about Paytm Wallet & Paytm Payments Bank to decide which one is better.
Paytm Wallet vs Paytm Payment Bank:
- Simply using the debit or credit card, load the money into your wallet then use the Paytm e-Wallet same as your normal wallet but without the need to carry any cash. All you need is Paytm app and internet access, just getting the bar code or mobile number from the payee you can make your trades. But it will be limited to 20,000 Rs per month and you can register yourself as VIP to get extended limit up to 1 lac.
- Paytm Payment Bank works in a similar way. The user can access everything same as a normal bank but virtual. 'Paytm' is not allowed to give away credit cards or loans to its customers but customers will receive a virtual debit card and you can transfer the money to other bank accounts or withdraw money anytime. Internet banking, mobile banking, and UPI transactions are other options available in 'Paytm Payments bank'. And one can deposit up to 1 lac.
- Initially, Paytm Payments Bank is available on an invite-only basis. And to get registered Paytm has set up many KYC centers across India to get KYC done and make themselves eligible for a Payments Bank account. But for wallet you just need to go to their website or downloading their app, one can own a 'Paytm Wallet'.
- With the e-Wallet, you won't get any interest but with Payment Bank, an annual interest of 4% will be added to all savings accounts
- On Paytm wallet 2% charge will be applied for transferring the funds but 'Paytm Payments Bank' is India's first bank with zero charges on online transactions, with no minimum balance requirement bringing a new banking model to the window of one's phone. And deposits are invested in government bonds that are used for the development of the nation.
- To put it all together, Easy Transfers, Maximum Limit, e-KYC Activation and Transfer Money to Other Bank options will be available in both Wallet and Paytm Payment Bank but Virtual Debit Card, Cash Deposit option and Internet & Mobile Banking will only be available on 'Paytm Payment Bank account'.
Only KYC-enabled Paytm users are allowed to open a Paytm Payments Bank accounts and they will soon enable exciting access to a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks. Join the Paytm Payment Bank to continue using the Paytm Wallet as before without any changes in the experience, but with added benefits. What are you still waiting for? Get your account today. Tune in to 'Oneindia Coupons' for more exciting discounts and offers.