Beneficiary

byPaytm Editorial TeamLast Updated: August 19, 2025

Meaning

A Beneficiary is the person or entity who receives money or benefits from a transaction, insurance, or legal arrangement.

In Banking

In digital transfers, the beneficiary is the account holder who receives the funds. Their details must be added correctly to ensure safe transfers.

Benefits

  • Ensures accurate money transfers
  • Protects rightful receivers
  • Commonly used in banking, insurance, and legal systems

You May Also Like

Recurring e-MandateLast Updated: August 19, 2025

Full Form & Meaning An e-Mandate (Electronic Mandate) is an online standing instruction set up by customers to…

Smartwatch PaymentsLast Updated: August 19, 2025

Meaning Smartwatch Payments allow users to make contactless payments using a smartwatch linked to their bank account or…

Payment ProcessorLast Updated: August 12, 2025

Meaning A Payment Processor is a company or system that handles the technical aspects of moving payment information…