Paytm Wallet vs Paytm Bank, Paytm Wallet vs Paytm Payment Bank Differences: So now Paytm is converting their wallets to Paytm bank, but do you know why..? Here we are giving you the paytm wallet vs paytm payments bank differences and why paytm is introducing its payments bank. Paytm clearly wants to expand their market in India, it came as an online recharge platform and went on to become 4th best online shopping site of India. Here is everything you need to know about Paytm Payments bank and what are the differences in Paytm wallet vs Paytm Payments bank
What is Paytm Wallet..?
It’s a digital e-wallet where it can be used as the normal wallet. The main advantage of Paytm wallet is you can do the payments digitally, instead of taking cash everytime you can complete any type of payments from Paytm wallet to wallet. You can use any type of debit or credit card to load the money into your wallet and you can even send back the money to your bank account. But Paytm wallet has been limited to 20,000 Rs per month and now they are giving up to 1 lac limit to VIP customers.
What is Paytm Payments Bank..?
It’s a Digital e-payments bank where the user can access everything just like a normal bank. But Paytm Payments bank shouldn’t provide any credit cards and they aren’t allowed to give away loans to their customers. The functionality of Paytm Payments bank is similar to normal banks but everything is virtual. In the paytm bank, you will receive a virtual debit card, you can even transfer the money to other banks. With the help of Virtual debit card, you can withdraw money at any time. Internet banking, mobile banking, and UPI transactions are also available in Paytm Payments bank. Here are the Paytm wallet vs paytm payments bank differences.
Paytm Wallet vs Paytm Payments Bank Differences
There are so many differences in Paytm wallet vs paytm payments bank account because in the bank account you will have your own stuff like virtual credit card and cheque book. You can also deposit cash into your paytm payments bank account. These features aren’t available in the paytm wallet, that’s why they are launching paytm bank. To enable paytm bank services user should be minimum of 18 years old and he must hold government ID proof. Here are the steps to open Paytm Payments bank account
Paytm Wallet vs Paytm Payments Bank:
|Feature||Paytm Payments Bank||Paytm Wallet|
|Virtual Debit Card||✓||✘|
|Transfer Money to Other Bank||✓||✓|
|Internet & Mobile Banking||✓||✘|
|Others||Virtual Bank Account||Virtual Wallet|