Paytm Wallet is a secure and RBI approved digital wallet that meets the financial needs of users. Using the Paytm wallet, users can make payments or conduct interbank monetary transactions from anywhere, anytime. The feature provides a better digital payment experience.
The wallet is also one of the important features of Paytm as it offers monthly bill payments, fast beacon recharges, reservations, various offers, gift certificates and multiple payment methods among others.
Paytm wallets allow you to transfer money from one bank account to another, the receiving bank can be that of another person, an institution or your own. The recipient does not need to be a Paytm user. In addition, carrying out these transactions via Paytm is free.
Keep reading to understand how to transfer money from your Paytm wallet to any other bank account.
Step 1: Open the Paytm app on your mobile and select “Paytm Wallet” in the “My Paytm” section.
Step 2: Your screen will show your Paytm balance. Just below you will find four options – ‘Pay’, ‘Transfer to the bank‘, ‘Send a gift certificate’ and ‘Automatically add money’. Select ‘Transfer to bank’.
Step 3: Enter the amount you wish to transfer. This amount can be between Rs. 25 and Rupees. 25,000. Then select Continue. However, Paytm to Bank transaction up to Rs. 25,000 is only possible with full KYC.
Step 4: Add the recipient’s bank or the bank account you want to transfer money to. Add the account number, IFSC and account holder name.
You can choose from registered accounts if you have used this method before. Then click Continue.
Step 5: Once you have filled in all the details, you will see a confirmation page, “Send money from wallet to” (bank account details will be mentioned below along with the amount). Once you have checked everything, click on ‘Confirm’.
And that’s it – You have successfully made a bank transfer!
There is another way to transfer money from Paytm wallet to bank account. Here’s how:
Step 1: Open the Paytm app on your mobile and select “Paytm Wallet”, under the “My Paytm” section.
Step 2: Your screen will show your Paytm balance. Just below, you will find four options: “Pay”, “Transfer to bank”, “Send gift certificate” and “Automatically add money”. Select ‘Pay’.
Step 3: A QR code scanner is displayed and you need to scan the recipient’s UPI QR code.
You can enter the recipient’s mobile number or choose from your contacts.
Step 3: After selecting “Transfer to Bank”, enter the amount you wish to transfer. This amount can be between Rs. 25 and Rupees. 25,000. Then select Continue. Similar to the previous option, Paytm to Bank transaction up to Rs. 25,000 is only possible with full KYC.
So, now that you know how to transfer money, make sure you have enough balance in your Paytm wallet before making a bank transfer.
When you make the payment, you can send money from your linked bank account as well as your Paytm wallet. However, to make wallet-to-wallet payments, it is mandatory that the recipient has completed a full KYC.
(Disclaimer: Brand Office Content)