Paytm is the new ICICI Bank

So I had to send some money to @mhsabir. I decided to use Paytm wallet.

Tried website... The UI exists. But when you submit the form, you get a message to use the Paytm Wallet app.

I tried the official Paytm app. The UI exists. But when you submit the form, you get a message to use the Paytm Wallet app.

So basically. Paytm decided to separate the money transfer component to a separate app... Making our lives so much more fun.

 

[xyx2000]

And i stopped using mobikwik , whenever i try adding money to the wallet payment fails

 

[Sushubh]

well yeah. their technical backend is apparently messed up.

 

[x720]

Just sent money to a friend via the Paytm app. Seems to work fine.

 

[Topweb]

What is the problem in using IMPS or NEFT for sending money?

Put it in other words, what is the advantage in using lame mobile wallets like Paytm?

 

[mhsabir]

NEFT is not my choice of payment mode anymore. Because a) Most banks are implementing 24-hour gap kind of thing before transfer b) Need to share bank account & maintain the whole add beneficiary b) confirm beneficiary etc

IMPS is better. But if you are a regular user of services which accept these virtual wallets as form of payments - then why "NOT" these.

 

[invader]

I use UCO Bank's android app to transfer money.

The biggest advantage is no time restriction to transfer after adding a new account. Add as many accounts you like and transfer amount through IMPS instantly soon after adding the acc.

Their IMPS service is fast and takes about 3-6 seconds to complete the transfer and it works 24x7 unlike SBI which works from 8AM-8PM and no service on Sundays.

 

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[Sushubh]

So why I prefer digital wallets over IMPS? Few reasons probably.

ICICI Charges for IMPS transfers. One of the reasons I shut down my account with them.
Mobile banking mobile apps suck. My current account is in Yes Bank and their mobile app is a piece of turd.
Most banks have just made such transfers painful. There are time limits on new user addition. There are limits on money you can send in one go and stuff like that.
For amount in the range of Rs. 100-200 bucks, I do not want to add more transactions to my bank statements. It adds to the clutter while you are preparing your income tax statements etc.
Plus most of us already need money in our Paytm (etc.) accounts for mobile and dth recharges. So, it works out fine in the end.

 

[invader]

Just open an account in UCO bank for 500 bucks (1000 if you opt for Cheque facility) and use it for instant transfers. No hassles in adding account or sending money.

 

[Sushubh]

Yes. One thing I need in my life is another bank account when Paytm Wallet works just fine for such small transfers. I am very happy with Yes Bank. I have finally made my financial life easy by shutting down DMAT account, all secondary bank accounts. Now I just have one bank account, one ppf account and one credit card account. Working great for me.

 

[invader]

I think it is a big risk to have one account and use it for all purposes. I primarily use SBI and its ATM for all my needs and keep small amounts in that account. If any need arises I transfer the amount from my UCO acc. I have never used UCOs ATM card nor have I used it for online transactions.

 

[mhsabir]

UCO bank doesn't charge for anything? Like debit card etc? Also mobile app is good?

 

[invader]

I am not aware of any charge that the bank levies. IMPS is free.

Yes. The mobile app is very convenient to use.

 

[mhsabir]

You have a regular or salary account? Might be free in salary but not in regular..

 

[invader]

I have a regular account. I checked the mini statement there is no transaction fee levied.

 

[mhsabir]

It says charges on website - you did them through website or mobile app