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How to Transfer Money from Paytm Wallet to Bank?

How to Transfer Money from Paytm Wallet to Bank?

In order to keep the Paytm app running, the Reserve Bank of India (RBI) has encouraged the National Payments Corporation of India (NPCI) to consider One97 Communication Ltd's (OCL) application to be a Third-Party Application Provider (TPAP) for the UPI channel.

According to the press release issued by the RBI on February 23, 2024, "As the Paytm Payments Bank cannot accept further credits into its customer accounts and wallets after March 15, 2024, certain additional steps have become necessary to (i) ensure seamless digital payments by UPI customers using '@paytm' handle operated by the Paytm Payments Bank, and (ii) minimise concentration risk in the UPI system by having multiple payment app providers."

How to check if your wallet handle @paytm?

  • Tap on your profile image in the top left corner of the Paytm app when it opens on your phone.
  • Your UPI ID and QR code to receive payments will show up on the screen beneath your profile photo as soon as you click on it.
  • You may look up your UPI ID as well.

As to the RBI, merchants and customers with UPI addresses or handles other than '@paytm' are under no need to modify them and can go on using them.

How to transfer money to a bank from Paytm Payments Bank wallet?

These are the steps for paytm wallet to bank account transfer:

  • Press the "Wallet" button.
  • Press the 'Send Money to Bank' button.
  • Put the account number in here.
  • Type the name of the account holder.
  • Input the branch's IFSC code. By touching on Find IFSC and choosing your bank, state, city, and branch, you may obtain the IFSC code.
  • Put in the desired amount to send. The required minimum amount is twenty rupees.
  • The purpose of the money transfer can also be entered. It is optional, though.
  • Press the "Proceed" button.
  • After seeing the transaction details, click "Confirm."
  • The money will be moved to the bank account without any problems.

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