The RBI approved e-wallet allows customers to store money in a secure virtual wallet on Paytm and this credit can be used for transactions on Paytm.com and soon for shopping, payments on other portals too.
Unlike Paytm Cash, which could only be used only for recharges on the site, the Paytm Cash Wallet can also be used to pay for postpaid, other purchases like bus ticketing, and utility bills.
Adding Cash To Paytm Wallet
Customers can add money to the virtual wallet through their bank accounts or cards.
Also in case your recharge on Paytm does not go through, but the money has already been debited from your bank account/credit card, the amount will automatically get stored in the e-wallet for your next transaction through the e-wallet.
Customers are also offered the option to transfer the extra/excess amount back to their bank accounts. The e-wallet also supports one-click transactions, making your payments quicker by reducing the number of steps required.
The cash limit on the wallet is set according to the RBI standards. Customers can use upto Rs 10,000 in a month through the current basic wallet. the company will soon launch a premium wallet, that can allow transactions upto Rs 50,000 a month.
This new virtual wallet is available across Paytm’s website, mobile site and apps. Given Paytm’s traffic growth of 100 million site visitors in 2013, e-wallet is a logical step to bring more revenues and improve margins (what’s next? an app store within Paytm?)
Recently online travel portal Goibibo launched goCash, a virtual currency that will allow customers to get instant refund from cancellations and use it instantly to make another booking across all the travel services available on the portal.