Paytm has become the digital payments app for many people in India after the demonetization drive, and the company has added thousands of merchants to its platform within days of Prime Minister Narendra Modi’s announcement of scrapping Rs. 1000 and old Rs. 500 currency notes. From vegetable vendors to grocery stores, everyone is joining the Paytm cashless payments platform. But there has been some confusion regarding what happens after a merchant receives a payment from a customer via Paytm. How should merchants transfer money from their Paytm Wallet to bank accounts? Scroll down to find out the simple process to transfer money from your Paytm to bank accounts. In order to transfer money from your Paytm wallet to a bank account, you need the name, account number, and IFSC code of the bank account holder. However, there is an Rs. 20,000 limit on transactions if you haven’t got your KYC process done.
How to Transfer Money From Paytm to Bank Account using Paytm App
- Open the Paytm app on your smartphone and tap the Passbook icon.
- Here, select the Send Money to Bank option.
- Tap on Transfer.
- Enter the amount, the account holder’s name, bank account number, and IFSC code
- Hit the Send button.