PayTM is currently in the process of setting up a payments bank. Understandably, a lot of you must be wondering exactly what is a payments bank.

What is a Payments Bank?

A Payments Bank is simply a bank that allows you to deposit up to Rs. 1,00,000 in the wallet/account. Services like PayTM have applied to operate their wallets as a Payments Bank. RBI, the Reserve Bank of India, lets these services offer interest on these types of accounts to customers. With the limit set to Rs. 1 lakh, it is high enough for m-commerce companies like PayTM, and low enough for customers to trust these services. However, these Payments Banks cannot issue loans like normal banks. They can however offer ATM and Debit cards, so you can look forward to getting a virtual debit card at the very least from PayTM, Freecharge and the likes.

Pay With PayTM

Coming back to the point, PayTM has tied up with dozens of Indian portals and services. Thanks to this, you can now use your PayTM wallet balance to pay at these portals and services. In this post, we are listing some unusual and innovative services offered by PayTM where you can pay bills using your smartphone.

Electricity Bill Payment

Paytm started with a couple of Electricity boards for payment of electricity bills, but the service has now been expanded to 17 Electricity boards across North India. The following electricity boards are currently supported for Electricity bill payments on PayTM are: Note that payments made to these respective electricity boards will take two days to reflect in your account. Bonus: Use code elec5 to get Flat 5% Cashback on Electricity Bill Payments.

Gas Bill Payment

You can also make your Gas bill payments using PayTM. The following gas operators are supported currently.

Metro Card Recharge

If you use the Delhi Metro or Mumbai Metro, you can avoid waiting in lines to recharge your metro card. At the moment, PayTM supports recharge of Delhi Metro and Mumbai Metro cards. Bonus: Use code METRO100 to get flat 10% cashback.

School And College Fees

Paying your School and College fees just got a whole lot easier with PayTM. You can make your school and college fees payments via PayTM in a matter of a few seconds. There are dozens of schools and colleges that work with PayTM – visit here to check if your institution is supported.

Insurance

Making your insurance payments is now as easy as recharging your mobile. PayTM has been expanding the types of services it provides and right now, it supports the following insurers.

Water Bill Payment

Other than mobile recharges and utility and education payments, PayTM has added support for Water Bills too. Right now, the only water board that supports PayTM is Delhi Jal Board, but expect other boards to be supported soon too.

Indian Railways

While the IRCTC website has gotten way, way better than before, making a payment can sometimes be a bothersome exercise. However, with PayTM being added as one of the supported payment options, you can go ahead and buy your railway tickets with the PayTM trust. I have been using PayTM for years now. To see it grow to such an extent has been quite an experience. How do you use PayTM? Let us know in the comments below.