Paytm Payments Bank Limited, the entity owned by One7 Communication founder Vijay Shekhar Sharma, received the final approval from the Reserve Bank of India on January 3, 2017. The pilot is likely to travel in parts of Uttar Pradesh with Sharma and One 97 already investing 220 crore in PAYTM. Paytm’s digital wallet will now be part of Paytm Payments Bank Limited, in compliance with the RBI directive. Using Money in Paytm Wallet You can pay for a number of items without using cash.
For security, Paytm has cancelled the option on its website.
Paytm is a shortened version of “Pay through Mobile” with the website and Android, Windows and iOS applications. Paytm Vijay Shekhar Sharma was established as a prepaid mobile recharge website in 2010 under its company One97 Communications. As of September 27, China’s Alibaba Group acquired a 20% stake, and Paytm’s parent company, One 97, became the largest shareholder in communications by investing $ 680 million.
On November 7, Paytm reported that its mobile interface will be available in five Indian languages, in addition to English, to increase adoption across the country. Paytm is available in Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Odisha and Punjabi on the Android platform. The roll-out of Apple handset users will happen soon. Paytm Wallet is a digital account at Paytm where you can transfer money from your bank account or credit card to making a platform transaction. Once you open a Paytm account with just email id, you can transfer cash to mobile number for Rs. 10,000 in a month in the wallet.
By completing KYC (Get to Know Your Customer) you can increase the monthly limit on PAYTM wallets by 1 lakh. Banks and wallet companies need to follow some customer identification methods that help in identity theft, fraud and money laundering.
Currently, the only way to transfer money is through the Paytm app on all operating systems of Android and iOS.
In the Paytm app,
- Tap on ‘Pay’. Open the following three options
- Enter a mobile number to pay
- Please indicate the Paytm QR code to make a payment
- Pay using OTP
- Enter a mobile number or select from Contacts
- Enter amount and alphabet details
- Go ahead
- Confirm Payment
- The beneficiary must have a Paytm account to transfer.
Also read Paytm Customer Care
What is the KYC Process on Paytm Website / App?
KYC (Know Your Customer) is the process of verifying accounts with real identity and documents. The main documents required for Paytm KYC are Aadhaar Card, PAN Card, Driving License, Passport, and Voter ID Card.
Currently, there are two types of KYC processes for Paytm account verification and the following:
1. Mini KYC
Under this process, Paytm users will need to enter the document number for verification in the Paytm application. For example, the Aadhaar number. As a word, ‘mini’ itself describes that the KYC process can get a certain limit for basic KYC verification and for transactions through user Paytm.
No user can send any kind of money to another PAYTM user on the mini KYC. Also, cannot transfer money from wallet to bank accounts. However, you can still send paytm merchants via QR code.
2. Complete KYC
Under this process, a user has to go to the nearest KYC point for complete KYC verification. The user has to show his / her identity card (Aadhaar card) and after biometric verification, the user will become a full KYC verified Paytm user. However, PAN card is required for registration of Paytm Bank account otherwise no KYC verification is required.
Being a KYC user, there is no limit to sending money from wallet to wallet. Also, he can add up to one lakh rupees to his own Paytm wallet, and together, he can add up to one lakh rupees.
How to send/transfer money from Paytm Wallet to other Wallets for both PC / Laptop and Mobile?
As we discussed earlier, there is no limit to sending money from a Paytm wallet to a full KYC Paytm account.
So, we will discuss here how we can send money from paytm website on PC and paytm application on mobile. So, you need to know how anyone on a PC and Paytm mobile application can send money from Paytm website to bank account.
For PC users:
1. Open paytm.com on your PC / Laptop web browser
2. Click the Login / Signup option in the upper right corner
3. After logging in, click the Pay Wallet option
4. There, you can see the “Transfer to bank” option, so select it
5. Fill out your bank details and click Send option
For mobile users:
1. Open your paytm app
2. Make sure you are logged into paytm acc. If not, log in to your ACP.
3. Click on the ‘Passbook’ option
4. Go to the paytm wallet and click on the “send money” option
5. Now enter your bank details in each option
Filling. When finished, click the ‘Continue’ button
How to transfer money to your bank account?
- A maximum of Rs.500 can be transferred per transaction.
- 4% of the transferred amount will be charged as benefit fee.
- Users need a minimum balance of 2000 rupees in the wallet.
- The user account needs to be registered with Paytm for a minimum of 45 days.
- Transfer money from Paytm App to a bank account.
- Open the Paytm app and tap Pay or send.
- Click Send to Bank.
- Enter the requested details – IFSC code, account number, etc.
- Enter the amount and tap send.
- The money will be transferred to the bank account specified.
Information for Paytm PC user
Your identity is secure when you transfer money using Paytm. When you transfer your money using Paytm, we make sure that your mobile number is only partially revealed to the recipient. Here, take a look. The first two digits and the last four digits of your mobile number will appear on the Paytm passbook of the recipient. Your money will instantly be transferred from your Paytm Wallet to Pay Wallet. There is no application from Paytm Company that can be installed on your desktop or laptop. However, if you want to access Paytm on your PC, you can simply type recharge online. Recharge mobile for prepaid and pay postpaid [email protected] in your web browser and open the site o No, you cannot transfer money from Paytm to PhonePe. However, there is an indirect way by which we can transfer money from Paytm to PhonePe. Then add money to your phone wallet through your bank account. If you can explain the source of the money in Paytm Wallet, transferring from Paytm Wallet to your bank account is not the only transfer of money and income. Since it is not an income, it is not taxable. You can explain where the money came from in Pay Time Wallet, Paytm is one of India’s largest mobile payment and trading platforms. Launched in Delhi / NCR in the 21st, the online payment platform helps millions of Indians transfer money instantly, since the inception of the Paytm Wallet, along with its non-stop activities, has become a necessity for almost every smartphone. The online payment platform helps people transfer money from their bank account to Paytm Wallet, which offers Paytm Money Transfer services in more places such as petrol pumps, department stores, restaurants, multiplexes, parking lots, hospitals and various places where merchants can pay bills. Please. Paytm users can use it to the bill (mobile, gas, electricity and others) and book tickets (movies, trains and others) among others.
So, it was a complete tutorial on sending/transferring money from paytm website pc and paytm mobile applications. I hope you found some information about the Paytm and KYC process. If the person to whom you send the money does not have a Paytm account, Paytm will send them a link via SMS where they can create a Paytm account. If they do not create a Paytm account within 3 days of sending your money, Paytm will refund the money to your Paytm Wallet.
Currently, most PPI and e-wallet users have just completed the minimum KYC obligation. Users who signed up a few years ago did this by verifying their mobile number. More recent users used to sign up with their name and formal ids such as PAN or Aadhaar – and this is called Minimum or Basic KYC. The minimum KYC comes with certain limitations.
Transmitting money to another person is completely free and the sender receives the full amount sent to you.
You can send up to 25,000 rupees a calendar month. The amount that can be sent to another Paytm customer and bank account cannot be more than 25,000 in a calendar month. However, if you have any confusion about sending money from the Paytm website or app, you can comment below or tweet to the paytm official Twitter account for more information.