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What is Paytm Wallet
Paytm is a digital payment application approved by the Reserve Bank of India. It gives users access to a mobile wallet for secure and quick transactions. You can use this wallet to send money to merchants, pay bills, or transfer funds to friends and family. To add funds, you may transfer money to this wallet using a credit card, debit card, or bank account. Knowing how to add money from your credit card to your Paytm wallet could help you make payments quickly and conveniently. Additionally, it is useful to understand how to link a credit card with your Paytm wallet for faster transactions.
Linking a credit card with your Paytm wallet allows for quick and seamless payments. Here’s a simple step-by-step guide on how to link a credit card with your Paytm wallet:
Open the Paytm app and tap on your profile picture at the top left corner of the home screen
Go to ‘UPI and Payment Settings’ from the menu
Select ‘Saved Cards’ and click on ‘Add New Card’
Accept a reimbursable debit of ₹1 from your credit card for verification
Enter your credit card details, save them, and complete the ₹1 payment
Once linked, you can easily use your credit card to add money to your Paytm wallet and make payments anytime.
Adding money from a credit card to a Paytm wallet is a simple process. Here’s a step-by-step guide on how to add money from your credit card to your Paytm wallet.
Open the Paytm app or visit the Paytm website
Log in to your Paytm account
Go to your profile and select the wallet tab
Tap on the ‘Add’ option
Select ‘Credit Card’ as your payment option
Enter the amount you want to transfer and provide the necessary card details
Verify the information and click ‘Proceed’ to complete the transfer
Once you link a credit card with your Paytm wallet, you can use it to transfer funds directly whenever needed. Keep in mind that corporate credit cards may have certain usage restrictions. Understanding how to add money from your credit card to a Paytm wallet allows for quick and secure payments.
The amount you can add to your Paytm wallet depends on your KYC (Know Your Customer) status. With Minimum KYC, you can add up to ₹10,000 per month. To increase this limit, you need to complete full KYC, which allows you to maintain a balance of up to ₹1,00,000 at any time.
To complete minimum KYC, you must provide your name and an identity proof document, such as a Passport, Aadhaar Card, PAN Card, or Voter ID. This process can be done online within minutes. However, minimum KYC is valid for only 24 months, after which you will need to complete full KYC to continue using the wallet without restrictions.
The full KYC process involves in-person verification. A Paytm executive will visit your address to verify your documents. While the document submission is quick, the home visit may take a few days to arrange and complete.
Understanding the fees associated with adding money from a credit card to your Paytm wallet is crucial. Here is a detailed overview of the applicable charges:
Parameters |
Charges |
|---|---|
Adding money through credit cards |
Up to 2.5% |
Adding money using American Express, corporate, or prepaid credit cards |
Up to 3% |
Transferring wallet balance to a bank account (if ₹5,000 or more added via credit, corporate, or prepaid cards) |
Surcharge of up to 2% |
Adding money to the wallet using net banking (other than Paytm Payments Bank) |
Up to 1.5% |
Adding money using UPI |
Free |
Disclaimer: The charges mentioned above are subject to change at the company's discretion and may be revised without prior notice based on policy or regulatory updates.
Now that you know how to add money to Paytm from a credit card, check out more details regarding credit solutions and other financial products on Bajaj Markets.
Disclaimer: In accordance with RBI directives, effective 15th March 2024, users will no longer be able to add money to their Paytm wallet using credit cards. For the latest updates, please visit the official website.
Instant Access to Funds
A credit card allows you to instantly add money to your Paytm wallet. Unlike bank transfers, credit card transactions are processed immediately, enabling quick payments.
Emergency Cash Availability
Credit cards offer access to funds even if your bank balance is low. This could be useful during emergencies when urgent payments are required.
Convenient Payment Option
Adding money with a credit card is quicker than bank transfers. You can load your wallet instantly without logging in to a bank portal.
Earn Reward Points and Cashback
Many credit cards offer reward points or cashback for transactions. Adding money to Paytm with a credit card helps you earn these benefits.
Flexibility for Large Payments
Credit cards allow you to handle large payments like booking flights or paying bills. This option also extends your repayment period as per your billing cycle.
Simplified Bill Payments and Online Purchases
Once money is added to your Paytm wallet, you can pay for bills, recharges, or tickets. This eliminates the need to enter card details for every transaction.
No Dependency on Bank Accounts
Using a credit card lets you add funds without relying on your bank account. This helps you separate daily expenses from your savings.
Quick Refunds on Cancellations
Refunds from wallet payments are processed faster than direct card payments. This ensures quicker access to your refunded money in case of cancellations.
Increased Security and Fraud Protection
Credit cards offer advanced fraud protection and zero-liability for unauthorised transactions. This makes your payments more secure when adding money to Paytm.
Track and Monitor Expenses
All wallet top-ups made via credit card are listed in your card statement. This makes it easier to track and manage your expenses effectively.
Yes, funds can be added to a Paytm wallet using a credit card through the Paytm app or website.
No, adding money to a Paytm wallet via a credit card incurs charges up to 2.5%, excluding GST. The exact charges depend on the card issuer and transaction type.
The maximum limit to add money to a Paytm wallet from a credit card is ₹1,00,000.
The amount that can be added depends on the user's KYC status. With minimal KYC, the limit is ₹10,000 per month. Full KYC completion increases the limit to ₹1,00,000.
Possible reasons include the credit card not being issued in India, being disabled for online transactions, insufficient credit limit, or specific transaction limits set by the issuing bank. Contacting the issuing bank is recommended to resolve such issues.
The maximum amount transferable using the Paytm app is ₹1 Lakh per day through Paytm UPI.
Payment status can be verified by checking the SMS confirmation sent to the registered mobile number or by reviewing the 'Passbook' section in the Paytm wallet.
To view the Paytm wallet statement, select the 'Request Wallet Statement' option in the 'Manage Wallet' section of the Paytm app. This provides the transaction history for the past year.
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| 1min read
Posted on 16 May
Roshani Ballal
Academy by Bajaj Markets
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