The best replacement for paytm is freecharge.

The best alternatives to paytm are rated as following:
★★★★★  freecharge
★★★★  mobikwik
★★★  ngpay

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Speaking about paytm, one probably shouldn't forget about payback.

Other search terms related to paytm and their ratings are:
★★★★★ payback
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Google Trends

Scale is based on the average worldwide traffic of paytm in all years. Click on graph for more.
paytm
freecharge
mobikwik