Paytm makes it possible for its users to send money instantly to anyone and from anywhere online. You can use different methods of payment such as UPI, wallet, credit card, or debit card to send money instantly through the Paytm App. However, the fastest, most convenient, and secure mode to send money as preferred by the users is Paytm UPI. It enables fast and easy money transfer directly between banks and keeps you away from the hassle of adding the bank account details of the payee or waiting for hours for beneficiary approval as in the case of other traditional methods of money transfer. Let’s understand how you can send money through Paytm!
Step by Step Guidelines to Send Money using Paytm UPI
Follow the instructions below to send money using Paytm UPI-
- Login to your Paytm app
- Click on the option of ‘To Mobile’ under the ‘UPI & Wallet Payments’ section
- Now, you can either enter the recipient’s mobile number or select the recipient’s contact from your phone’s contact list
- Alternatively, you can also use the ‘Scan & Pay’ option to send money by scanning the receiver’s QR code (This feature is more often used to make payments at retail shops and other merchants)
- After selecting the contact number, enter the amount that you wish to transfer and confirm the bank account from which you want to send the money (It will be displayed above the ‘Pay’ option on the screen)
- Click on the ‘Pay’ option and enter your UPI PIN to complete the transaction
- The amount will be transferred to the receiver within a few seconds!
Making UPI money transfers through Paytm is the easiest and the simplest way to make direct bank to bank transfers. Moreover, you can transfer as much as Rs. 1 lakh per day via UPI.
You can use Paytm UPI to transfer money using either of the following methods-
- Selecting a Contact/Entering Mobile number – Sending money is as simple as sending a message. Just select a phonebook contact or enter a mobile number, specify the amount to be transferred and enter your PIN. That’s it! Your payment will be completed in a few seconds.
- Scanning a UPI QR code – You can also send money through UPI by scanning the receiver’s QR code. All you need to do is open the Paytm mobile payment application on your phone, click on ‘Pay’, and select ‘QR code’. Scan the QR code of the receiver and enter the amount to be paid. Now enter your PIN and your payment will be completed in a few seconds.
- Entering UPI ID – To send money through UPI ID, all you need to do so is open the mobile payment application, and enter the receiver’s UPI ID. After this, you need to enter the amount that needs to be transferred and verify the transaction by entering your MPIN. Your transaction will be completed in a few seconds.
- Entering Account Number & IFSC – This is the traditional way of payments and it is also supported on UPI. You may enter the account number & IFSC of the person you want to send money to, specify the amount and enter your PIN. Your payment will be completed in a few seconds.
You must note that the process to make UPI payments through Paytm remains the same as explained above!
Additionally, Paytm enables a special feature for its users where they can transfer money within their own accounts. If you have two accounts registered with the same mobile number, add both of them to the Paytm account, and send money from the account to the other self-account through UPI. You will find the option to transfer money to self in the ‘Send Money’ section of the homepage and also under the subsection of ‘To Bank/Ac’.
Step by Step Guidelines to Send Money using Paytm Wallet
Although it is best to use Paytm UPI for direct interbank money transfers that are instant and simple, users can consider an alternative way to send money via Paytm wallet. Paytm Wallet is an RBI-approved, safe and secure payment wallet that allows one user to send money to another wallet user of Paytm. Paytm wallet users can add money from their bank, send money from their wallet to their own account or send money to other bank accounts from their wallet. Here are the steps to do so-
- Login to your Paytm app and scroll down to ‘My Paytm’ section where you will find your ‘Paytm Wallet’
- A new screen opens up, which contains details like wallet balance and the option to add money from your bank through UPI, credit/debit card, and net banking
- On this screen, click on the option to ‘Pay’. The QR code scanner will open
- Simply, scan the code, or enter the mobile number/choose from contacts, add the amount to proceed
- When you are about to pay, you can switch the account from which the money is to be deducted and you can opt for a Paytm wallet instead of a bank account
Note that when you scan the QR code of the recipient, s/he will receive money in the bank from your wallet if the recipient’s mobile number and bank account are linked for UPI payments. If the recipient is only a wallet user, the user will receive money in the wallet.
Wrapping it Up:
While Paytm allows its users to send money using various methods such as wallet, Paytm UPI has been proved to be the easiest, safest, and simplest way to send money. Whether it is about making direct bank to bank transfers to other accounts, transferring money to one’s own account, or making payments to merchants or vendors, Paytm UPI tops the most preferred payment method for all users.
