In India, Paytm is one of the most popular digital wallet apps. Paytm users can also link their savings accounts with Paytm BHIM UPI ID. Now Paytm users can make quick and instant transfers to their bank accounts using the app. Banks and Paytm BHIM UPI apps are associated with Paytm BHIM UPI ID to allow convenient and fast money transfer services 24/7
In UPI Interface with Paytm App, you don’t need to enter any account numbers, IFSC codes, or wait for adding a payee as this can be done in an instant.
There are various methods to transfer money with the help of the Paytm app. The biggest feature is that it is very simple to pay with UPI. The amount is transferred instantly, and there is no limit on the amount. It can be sent to other UPI enabled devices such as mobile phone, bank account, and even any e-wallet.
With Paytm’s new feature, users no longer need to recharge their wallets, because money is debited from the linked savings bank account, which is also linked to the United Payments Interface (UPI). Additionally, there are no transaction fees and the process is very easy.
Steps to Use Paytm UPI
In order to use the Paytm bank UPI feature, users need to install the latest version of the Paytm app. This is how to activate the feature and add a bank account successfully.
- Sign up for the Paytm app
- On the homepage of the app, you will see the BHIM UPI, Click on it.
- With UPI, you can now easily create and link a bank account to your mobile number and access your funds in India. All you need is to provide a bank account number, mobile number and UPI PIN.
How to set up Paytm’s new biometric UPI and PIN system
In order to set up a Paytm UPI ID and PIN, here are the simple steps to follow:
- Go to the Paytm app
- You can link your bank account by using the BHIM UPI Interface.
- Once the UPI ID has been verified, set a PIN.
- If you haven’t used UPI before, you will get a new UPI ID, which is linked to your bank account according to the details you provide
- Usually, the Paytm ID is in the format of a phone number ([email protected]). Once the Paytm ID is generated, the Paytm QR code is also available.
Money transfer using the Paytm app
Here’s how you can transfer money using Paytm UPI.
- Sign in to your Paytm app
- Select the BHIM UPI on the home screen of paytm app.
- Press the “Send Money” option
- To send money, you need to enter the UPI ID of the recipient and the amount of money you want to send.
- Authorise the transaction with the help of a UPI PIN and confirm the payment.
Follow these step to receive money through Paytm UPI:
- On your phone, sign in to your Paytm app
- Open the app by clicking on the “BHIM UPI” option on the home screen
- Request for money option
- Type in the UPI ID of the payer to get paid for work
- If you have enabled settings for automatic approval and declines on money sent to you, you can make sure that the money that is sent to you is approved or declined automatically. The sender can decide whether to approve or decline such a request. .
Transaction limits for Paytm UPI.
Users who sign up for Paytm can instantly start using the app and transferring money. However, users must wait three days to send money to others.
- A KYC verified account is allowed to have a maximum balance of Rs. 1 lakh.
- Non KYC users can deposit up to Rs. 20,000 per month.
- Wallet top-ups cannot be used for more than Rs. 20,000 per transaction. If the user goes over this limit, there will be a delay in the money being transferred to the customer’s bank account.
- Paytm doesn’t charge users for transferring money to their bank accounts. This service is free to KYC and Non-KYC users. Users can only transfer a maximum of Rs. 25,000 into a bank account from Paytm’s wallet.
- Money can be transferred from the wallet to its source with ease, and the limit on transferring money is whatever is specified on the debit card. (For example, the credit card limits a person to withdrawing Rs. 25,000 every month, while the debit card allows a user to withdraw unlimited amounts of money).
- For a single transaction, one can send a minimum of Rs. 100 and a maximum of Rs. 5000.
- Transfers made through the app can take up to 24 hours for the funds to show up in the user’s bank account.
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.