Paytm Payments Bank recorded 10 million signups within a fortnight of going live.

Paytm just announced that it would soon roll out an UPI option for Paytm Payments Bank customers. “BHIM UPI — Coming soon on @Paytm App,” the company tweeted. Incidentally, Paytm Payments Bank was supposed to go live on UPI in the month of August if prior reports are to be believed. UPI already has 57 banks using its payments architecture. But Paytm would possibly be the first payments bank to enroll the feature.

Paytm had enabled UPI on its core app at the start of the year. For Paytm Payments Bank customers, UPI integration means a quicker, more seamless method of transferring money from the bank account to the Paytm wallet. Paytm stated last month that it has recorded 10 million sign-ups for payments bank accounts within a fortnight of the beta app going live. Once UPI is enabled, Paytm Bank customers can use the same ID to make transactions at merchant locations too. 

“We will soon enable seamless creation of UPI IDs on our platform so that users can send and receive money to each other, and for merchant payments. Our significant consumer base makes us well-positioned to become a large issuer of UPI handles, driving its adoption in the country,” Paytm Payments Bank chief executive Renu Satti had said in an earlier statement. Paytm has close to 230 million wallet users at present. Most recently, the company announced an investment of $500 million to make all its customers KYC-compliant in line with new guidelines issued by RBI. 

Reports suggest that payments bank accounts are witnessing higher average deposits as compared to mobile wallets. And Paytm expects that it would go up further as more Indians warm up to the concept of payments bank accounts as a viable mode of saving. “Customers are gradually exploring the convenience and benefit of their savings account with Paytm Payments Bank and we expect deposits to increase in future,” Satti stated. At present, Paytm Payments Bank offers a four percent interest rate and cashback on deposits. Additionally, Paytm has tied up with NPCI to issue RuPay digital debit cards to all its customers.

Apple could either integrate payment solutions offered by companies like Paytm, or build a completely new one.

Ever since the demonetization of old currency notes last year, India’s digital payments business has been booming. Mobile wallets and payment solutions such as UPI have seen a surge in usage too. Samsung was quick enough to see the opportunity, and launch its Samsung Pay payments solution in India. Google also recently launched its Tez payments app in India. And while Apple missed the bus, new reports hint that the Cupertino giant may launch its Apple Pay solution in India soon.

In an interview with LiveMint at Apple’s Hyderabad development centre, Apple’s senior vice-president Eddy Cue hinted that the company is looking forward to launch Apple Pay in India. However, he did not give any specific launch date for the same. “Our head of Apple Pay, Jennifer Bailey, is here with me. And Apple Pay is something that we definitely want in India. The challenge with payment mechanisms is that there isn’t really a lot of global scale. You deal with individual markets at a time… but India is one of those markets where we hope to bring Apple Pay to,” Cue told the publication. 

Apple would look at partnering with established players such as Paytm to integrate the payment solution, rather than building a completely new payments solution from scratch, Cue said. “You have some great payment mechanisms today and we will leverage all of that in doing this. That’s one of the advantages that we have with Apple Pay—Apple Pay isn’t trying to come up with a brand-new payment vehicle, so the fact that people like Paytm are doing well here is great. The fact that credit cards are doing well here is great. We just need to integrate with the popular ones and make the service available,” Cue added. 

After China, India is the rapidly growing smartphone market, and Apple sees India as a long-term opportunity. Last year, Apple launched the app accelerator in Bengaluru to tap into India’s developer ecosystem. In India, Apple has over 4,000 people working on Apple Maps. The company is also tapping into services such as iCloud, Apple Music and Movies. 

The move towards getting a slice of India’s digital payment business comes right when Apple is ramping up its devices production in the country. Apple has already started assembling the iPhone SE models in India, in its Bengaluru plant. 

{BGR}

Paytm's Diwali Maha Cashback sale will continue till October 13.

Amid the ongoing festive season and sales across e-commerce platforms, Paytm is hosting its ‘Diwali Maha Cashback Sale’. The sale is currently underway and will continue till October 13. In addition to this, ICICI Bank credit and debit card holders can avail extra 5 percent cash back. Paytm also has an offer for its customers to avail 100 percent cash back and a chance to win 1kg of gold. Here’s a quick look at some of the exciting cashback offers available on electronic products.

Apple

The Apple iPhone 7 32GB model is available with a maximum cash back offer of Rs 10,000. This effectively brings the price down from Rs 48,170 to Rs 38,170. The iPhone 7 128GB model also has a 13 percent discount and you can purchase it at Rs 56,988. The older iPhone 5S 16GB is available at a discounted price of Rs 18,498. The iPhone 6S 32GB model is also up for grabs at a discounted price of Rs 37,986.

Vivo

The selfie-centric Vivo V5S variant is available for Rs 17,697 after a discount of 11 percent from its original price of Rs 19,990. The Vivo Y66 also has a 13 percent discount bringing its price down to Rs 13,960. The Vivo V5 32GB is available for Rs 16,910 with a discount of 11 percent. The Vivo V5 Plus has a big 31 percent discount bringing its price down from Rs 28,980 to Rs 20,099. More cash back offers are available on the Vivo Y55S and the Vivo Y69 which have 18 and 9 percent discounts respectively. 

Motorola

Motorola’s smartphones from its most popular G-series, and budget C-series are also available with cash back offers. The Moto C 16GB is available at a discounted price of Rs 5,749 from its original price tag of Rs 6,799. On the Moto G5 customers can avail up to Rs 8,069 cash back and purchase it for Rs 10,930. The latest  Moto G5S is also available at a discounted price of Rs 13,985. Lastly, the Moto M which is priced at Rs 18,999 is available at Rs 16,888.

Other than smartphones, there are other products such as the JBL Xtreme Portable Bluetooth speaker which has a cash back offer of Rs 3,500 and making it available for Rs 14,499. The HP M1005 multi-function laser printer also has the same Rs 3,500 cashback offer bringing its price down to Rs 13,929. 

Apple iPhone 8 available for Rs 46,950 after Rs 15,000 cash back on Paytm Mall.

Apple launched the iPhone 8 and iPhone 8 Plus in India with prices starting at Rs 64,000. Apple iPhone 8 is definitely more expensive than the iPhone 7. It brings under the hood upgrades, glass back and wireless charging, but looks similar to the iPhone 6, iPhone 6s and the iPhone 7. It is probably one of the reasons why people are hesitant towards upgrading. But, thanks to the Diwali offers across various e-commerce platforms, you can buy the iPhone 8 at a much cheaper price. The latest offer comes from Paytm Mall, where the iPhone 8 (64GB) variant is available for as low as Rs 46,950.

Paytm Mall is currently selling the 64GB variant of the iPhone 8 at Rs 61,950, and also offering a cash back of Rs 15,000, which brings down the price to Rs 46,950. However, please note that this offer is only valid for customers who buy the iPhone 8 using their Yes Bank credit card. One needs to use the promo code ’YESPECIAL’ at the time of making the payment to avail the offer. A cash back of Rs 9,000 will be credited within 24 hours, whereas the remaining cash back of Rs 6,000 will be credited on or before November 20. For customers who don’t have a Yes Bank credit card, they can only avail cash back of Rs 9,000. This means that you can get the iPhone 8 at Rs 52,950. 

Reliance Jio and CitiBank have also partnered to offer the iPhone 8 (64GB) for just Rs 20,788 via Amazon India. Under the offer, if you buy the smartphone using your Citibank credit card or World debit card, you are entitled to a cash back of Rs 8,000, which will be credited to your account in 90 days. The cashback will bring down the price of the iPhone 8 64GB model to Rs 54,000. 

Further, if you own a Reliance Jio SIM card, the company guarantees a buyback of 70 percent on the latest iPhones. The buyback can be availed after a period of 12 months. This will further bring down the price of iPhone 8 by Rs 44,800. Reliance Jio will also offer its Jio Annual Plan along with the buyback. Customer will have to recharge with Rs 799 or above for a period of 12 months or perform one-time yearly recharge of Rs 9,588 or above on Jio. “Effectively” after all these offers and cashback, the price of the iPhone 8 comes down to as low as Rs 20,788.

Paytm Mall's 'Mera Cashback Sale' kick starts on September 20, and will go on till September 23.

Paytm's festive sale coincides with Flipkart's Big Billion Days sale.

The festive season is typically characterized by intense competition among India’s e-commerce companies as they look to lure customers with deep discounts, bundled offers, freebies, and more. No different this year as Paytm Mall, one of the top three online shopping destinations, has earmarked Rs 501 crore for cashbacks and discounts. Paytm Mall expects nearly 5 million visitors during its shopping extravaganza that will last 4-5 days, ET reports. It is worth noting that the figure of ’501′ is considered auspicious in Indian culture.

Paytm‘s super sale begins tomorrow (September 20), and cashbacks would range from 15 percent to 100 percent. Most focus would be directed towards high-growth categories such as mobiles and electronics, large appliances, and fashion. ”Paytm Mall has the strongest association with cashback offers, which we’ll leverage this festive season. Moreover, our sale will be live across online and offline and customers will also be able to scan Paytm Mall QR codes and gain access to similar offers,” Amit Sinha, COO, Paytm Mall said in a statement.

All Paytm Payments Bank customers will also be given RuPay digital debit cards.

Ten million people have signed up to open accounts with Paytm Payments Bankwithin a fortnight of the beta app going live. Though that is a fraction of Paytm’s overall user base of 220 million, it is a decent start. Paytm Payments Bank, which started operations in Noida in May, plans to expand to 31 branches and reach about 3,000 customer touch-points in the country, ET reported. The fintech startup is yet to push its banking services aggressively.

“Paytm customers are already using Paytm wallet of Paytm Payments Bank. We have not pushed consumer beta for our savings account sign up aggressively, and 10 million organic sign ups without any marketing on a limited rollout is a very encouraging response,” Renu Satti, CEO of Paytm Payments Bank, was quoted as saying. Satti, who earlier served as Paytm’s VP of Business, took charge of its payments bank in May — nearly a year after the RBI gave a licence to Paytm to start a payments bank.

Reports suggest that the payments bank accounts are witnessing higher average deposits as compared to the mobile wallets. And Paytm expects that it would go up further as more Indians warm up to the concept of payments bank accounts as a viable mode of saving. “Customers are gradually exploring the convenience and benefit of their savings account with Paytm Payments Bank and we expect deposits to increase in future,” Satti added. 

At present, Paytm Payments Bank offers a 4 percent interest rate and cashback on deposits. Additionally, there are zero charges on online transactions and no minimum balance requirement, unlike in traditional banks. Paytm has also tied up with the state-backed NPCI to offer RuPay digital debit cards to every Paytm Payments Bank customer. The RuPay debit card comes with a free life insurance cover up to Rs 2 lakh. Paytm has also said that going ahead it will collaborate with several banks to roll out more advanced services like term deposits and retail loans.

Learn how to use Paytm offline without the Internet. Send Money without sending a message which will help you to easily use the app while you are in the emergency and don’t have the internet with you. Below is the complete step by step guide that will help you to use Paytm without using the internet quickly. So follow the below steps to proceed.

How to Use Paytm Offline Without the Internet (Send Money Without Sending a Message)

Steps to Use Paytm Offline Without the Internet- Send Money Without Sending a Message:

Paytm has updated its Android and iOS apps with the ability to let you open a Paytm Payments Bank account. Here’s how it works.

Back in May, Paytm launched its Payments Bank service in India, and after being in beta testing for months, the bank is now open to all users. The latest Paytm app (v 6.0) for Android and iOS allows interested users to sign up and open an account. However, you won’t be able to do the same via Paytm website, nor are there any physical branches where you can go and sign up. If you’re interested in knowing how to open a Paytm Payments Bank account, what all documents to submit, features and charges, read on.

The Paytm Payments Bank signup process is pretty simple. You can open an account in minutes, without having to visit the branch. Also, the process does not involve filling in a lot of paperwork. To begin with, you need to have a Paytm account. In case you don’t have one already, you can head over to paytm.com or download Paytm app on your Android or iOS devices and signup with your mobile number, email address and other details.

How to open Paytm Payments Bank account

After updating the Paytm app to the latest version, you will be greeted with a popup about the bank. Tap on the ‘Proceed’ button, and it will ask you to set a passcode, followed by an option to appoint a nominee. You will have to enter nominee details such as full name, relationship, age and date of birth, address and more. 

Once the nominee is appointed, you will have to enter your Aadhaar card and PAN card numbers, followed by the address of verification. After all these details are provided, a Paytm representative will visit your given address for verification, after which your Payments Bank account will be activated. 

Benefits of opening Payments Bank account

Unlike typical banks, you don’t need to maintain any minimum account balance with Payments Bank. This means, you can even have ‘zero’ balance in your account. However, the maximum amount of money that you can keep in your Payments Bank account is capped at Rs 1 lakh. Paytm will also be offering you four percent interest on the amount per annum, just like other banks.

You will also get a Rupay debit card to withdraw money from ATMs for free. However, you will be charged Rs 100 (plus delivery charges) from next year. First five transactions per month will be free, after which each transaction will be charged at Rs 20, whereas mini statement will be charged at Rs 5 per statement. And unlike other banks that support online transactions, Paytm will not charge you – be it via IMPS, NEFT or UPI.

Paytm will also offer a check book to the account holders. Users will also get online passbook and email statements for free, but physical statements will be charged at Rs 50. Another important benefit of Paytm Payments Bank is that your Paytm wallet stays as is, and you can use it to do mobile recharges, pay electricity and other utility bill payments.

Frequently Asked Questions (FAQs)

Q. How is a Payments Bank different from a conventional bank?

Payments Bank is a new bank model visualised by the Reserve Bank of India. As a Payments Bank, Paytm can now accept customer deposits upto Rs. 1 lakh per customer in a savings or current account and offer other banking services like Debit Cards, Online Banking and Mobile Banking.

Payments Banks can not offer financial products of their own, but partner with other banks.

Q. What are the services offered by Paytm Payments Bank?

Paytm Payments Bank is offering savings and current accounts with a debit card and the ability to make fast and easy payments. It will soon enable you to access a range of financial services such as Insurance, Loans, Mutual Funds offered by our partner banks with the seamless Paytm experience.

Q. How can I open my account?

Currently we are inviting limited users to open an account with Paytm Payments Bank. You can request for an invite using paytmpaymentsbank.com or the latest Paytm app.

Q. What happens to my existing Wallet?

Your current Paytm Wallet will now move to the Paytm Payments Bank Limited in the same capacity i.e. KYC wallet as KYC wallet and minimum KYC wallet as minimum KYC wallet. You continue to use the Paytm Wallet as before without any changes.

However, if you have not used your wallet in the last 6 months and you have zero balance, you will be required to login to your wallet again to move to the Paytm Payments Bank.

Q. I see a text in my passbook about older transactions being from wallet under One97, what does this mean?

Your Paytm Wallet has moved from One97 Communications Ltd. to Paytm Payments Bank Limited as per the directions of RBI. The transactions you see under ‘wallet issued by One97 Communications Ltd.’ are the transactions made by you before your wallet moved to the Paytm Payments Bank.

Q. Will my wallet get converted into a bank account?

No, your wallet will simply operate under the Paytm Payments Bank and continue to exist and function in the same manner as earlier. In addition to a wallet, you will now be able to open a savings or current account with us and access a wide range of financial services.

Q. Can I choose not to move to Paytm Payments Bank?

Movement to Paytm Payments Bank is required by RBI for all Paytm Wallet customers. However, If you choose not to continue to enjoy the benefits of your Paytm Wallet, please email us at care@paytmpaymentsbank.com

If you chose not to migrate to Paytm Payments Bank, your wallet will be closed and you will not be able to make payments using your Paytm Wallet.

Q. Will my wallet balance now earn interest?

To earn interest, you will need to open a Paytm Payments Bank savings account.

Q. I accept Paytm at my store, what does this mean for me?

Your wallet continues to work the same way as before. There is no impact on your cashflows or the mode of accepting payment.

Q. I am expecting a refund on a payment I made from my Paytm Wallet. What happens to the refund now?

Your refunds will be given back to your wallet as earlier.

Q. Will my old login details work?

Yes, your Paytm login details continue to remain the same.

Q. Can I now withdraw money from my wallet?

No, withdrawing money from wallet is not allowed as per RBI policies.

Q. Is it mandatory to open an account with Paytm Payments Bank once it is launched, to continue using the wallet?

It is not mandatory to open an account with Paytm Payments Bank to use the wallet.

Q. Does this mean, I get a bank account with Paytm Payments Bank?

No. This is just a transfer of ownership of the Paytm Wallet to a new company called Paytm Payments Bank Ltd. You will now be given an option to open a separate bank account with us.

Q. Can I move my money to any other Bank from Paytm Payments Bank Wallet?
 Yes, you would be able to send money to any bank account from your Paytm Payment Bank Wallet.

Q. I already have a Paytm account. Will I automatically become a Bank customer?

While you may be an existing Paytm user, you will need to open a Bank account separately.

Q. I haven’t done my KYC. Can I get a Payments Bank account?

Only KYC-enabled Paytm users are allowed to open a Paytm Payments Bank account. Our KYC process is instant and absolutely paperless — so what are you waiting for? Find your nearest KYC center here or click here to book an appointment at place of your convenience (limited service!)