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

Instant PaymentLast Updated: September 15, 2025

Meaning Instant payment refers to money transfers that happen in real-time. Once the transaction is confirmed, the money…

Interoperability in UPILast Updated: July 11, 2025

Definition Interoperability in UPI refers to the ability of different UPI apps and banks to work together seamlessly…

UPI Recurring PaymentsLast Updated: July 18, 2025

Meaning UPI Recurring Payments allow users to set up automatic payments for regular expenses like subscriptions, insurance, or…

UPI FraudLast Updated: July 16, 2025

Meaning UPI Fraud refers to any unauthorized or deceptive use of UPI for financial gain. It often involves…