Paytm is an e-commerce Payment System and digital wallet app that is used to transfer fund from wallet to wallet or wallet to bank account. This is not just used to transfer money but can be used to pay for mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, and other local vendors. Paytm also has an e-commerce platform under the name of Paytm Mall that delivers the product all over India. Paytm also has a lot of tie-ups with big brands and attract the customer to use their platform in return offers cash back.
Wallet to Wallet Transfer
It is very easy to transfer the money from one wallet to other.
Open Paytm app
Click on Pay
Scan the QR Code or enter the mobile number click proceed
Enter the amount
Click on pay, the payment is done. The confirmation will be displayed on the screen with a green tick.
Paytm to Bank Transfer
To pay money with Paytm Bank transfer, follow the steps below-
Open the Paytm app
Go to Passbook and click on “Send money to bank option”
Enter the receiver Account Number
Enter Account Holder Name
Enter the Bank IFSC Code
Enter the Amount you want to send and click on proceed.
FAQ
How Much Paytm charges to transfer fund?
Paytm charges 4% of the amount sent to your bank account, however, it does not charge anything when you spend money from your wallet to another wallet.
How much money can I transfer from Paytm to Bank account?
The minimum amount that can be transferred is Rs.100/- and for full KYC account, you can transfer Rs. 5000/- per transaction and there is no limitation. Whereas, for no KYC you can only send Rs.20,000 per month to your bank account.
Is Paytm Payment Bank is the same as a traditional bank?
No, Paytm payments bank is somewhat different from the traditional bank. You cannot have credit card or loan facility with the payments bank and another major difference is that payment bank does not have any physical branch like a transitional bank. It is operated from the Headquarters but RBI still issued the payments bank with the Paytm Payment Bank IFSC Code.