PayTM (a partial acronym for "pay via mobile") is a revolutionary mobile payment platform and internet technology business, based in Noida, Uttar Pradesh, India; where you can also find PayTM Mobile Solutions Pvt. Ltd. As PayTM Mobile Solutions Pvt. Ltd is a subsidiary of Reliance Communications Limited - one of the leading telecom companies in India. PayTM is also known as OTT (short for "other than traditional telecom services"), since PayTM allows its users to not only pay for their purchases, but to also get other benefits such as internet usage, gaming, and entertainment, etc. PayTM also promises various mobile-related benefits such as free calling minutes, free text messages and discounted rates on PayTM cards.
To use PayTM, a customer needs to open a secured bank account with a respective bank, which is linked to a PayTM account. In case of any debit or credit transaction (which includes usage of any ATM machine or credit card), the money will be debited from the customers' bank account and the amount will be converted into the Indian Rupees. To complete the whole process, the customer needs to submit the secured bank account's PIN to PayTM's online service, and PayTM will transfer the amount to the customers' bank account. The company's website provides all the information that a customer needs to know about PayTM.
With PayTM, consumers can make hassle free bill payments as well as online purchases. Moreover, PayTM enables easy cashless transactions at retail stores across India. According to reports, PayTM has become a very popular e-commerce solution in India as many people now make purchases by paying through their debit and credit cards, thanks to the new laws in India regarding debit card usage. PayTM also allows customers to pay bills and other expenses online since e-checks are faster than paper checks. Moreover, PayTM enables the users to save a lot of money by making multiple payments using their credit and debit cards. This way, customers can easily pay their bills and other expenses easily.