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Can I Transfer Money From Paytm Wallet To A Bank Accoun?

can i transfer money from paytm to a bank account

Gone are those days when people used to carry bags to go withdraw money from bank accounts in order to run their daily affairs, and most of the time they were faced with thieves, leading to a loss.

Nowadays, due to the advancement in technology, many financial platforms have been created online that can enable you to transfer your money directly to your bank account and from your bank account without any stress. 

Some of these platforms are Cash App, PayPal, Venmo, Paytm, Google Pay, etc. With these various platforms, it is easier for you to buy goods and even receive payments online.

In the article, you will be discovering what Paytm and Paytm wallet are, and how to transfer money from Paytm to your bank account.

What is Paytm?

Before we look at how to transfer money from a Paytm wallet to a bank account, let us first understand what Paytm is.

Paytm is an Indian digital payments and financial services company that was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. This company is based in Noida, India. 

Paytm stands for "Pay through mobile."  It is a platform that enables its customers to send money instantly to other users using the Paytm wallet at no cost. It also helps its users to pay bills such as utility bills, flight tickets, etc. It also allows customers to do online shopping from the comfort of their own homes.

This platform accepts cash from bank accounts, debit/credit cards, partners in its wallet.

What is a Paytm Wallet?

Before we find out how to transfer money from a Paytm wallet to a bank account, it might also interest you to know what a Paytm wallet is and how it works.

Paytm wallet is a secure and RBI-approved digital/virtual wallet that can be used on your mobile  phone to meet up with your financial transactions. 

With this wallet, you can send money to your bank account or to another  user, as well as withdraw money from your bank to the paytm wallet if your bank accepts the paytm platform.

Money in the Paytm wallet is like ready-to-use currency that you can use whenever and wherever you choose. And can be used to pay utility bills (like electricity bills), pay for flight tickets, do online shopping through Paytm Mall, and many other uses that are not mentioned.

Some Features of A Paym Wallet

Some features of the patym wallet which makes it reliable for use are:

  1. Paytm wallet is a safe, secure and  approved digital wallet application governed by the Reserve Bank of India
  2. You can add up to INR 10,000 in a month after completing minimum KYC
  3. You can add cash using a debit/credit card, online banking or through UPI (Unified Payment Interface)

What are the advantages of using A Paytm Wallet?

  • It enables you to make cashless and digital payments
  • It is quick, convenient and simple to users
  • The Paytm app provides various offers, cashback, discounts, and rewards to its users.
  • Paytm wallet is acceptable at all QR Code payment gateways and also uses the QR code scanner.
  • You get a refund for every cancelled operation.
  • When using the PayTM app, you can set payment reminders, which ensures that you don't miss any bill payments or keep track of your spending.

Can I Transfer Money from Paytm Wallet to Bank Account?

Yes, you can transfer money from a Paytm wallet to a bank account. Follow steps below.

A bank account is a financial account that you create with a banker for the purpose of depositing money. Paytm banks accept deposits from the Paytm wallet. To be able to use the Paytm wallet, you will need to first:

  • Download the Paytm app on your mobile phone and create your account by signing in your email address (ID)
  • Once your account is resisted and verified through One Time Password (OTP), you can add money to your Paytm wallet through any of the methods, as you will see below.

The following steps will guide you on how to transfer money from Paytm wallet to a bank account:

  1.  Firstly, open the Paytm app and tab on Passbook.
  2. Select Paytm wallet.
  3. Select 'Send money to bank'.
  4. Tap 'Transfer'.
  5. Enter the amount of money you wish to transfer and your bank details (bank, account number, and password).
  6. Confirm the transfer by clicking "Ok."
  7. You will receive a notification attesting to the fact that the money has successfully been transferred to your bank account.

In the case where the transfer is unsuccessful, the Paytm app will return your money to your Paytm wallet.

How Can I Transfer Money From A Bank Account to A Paytm Wallet?

To transfer money from a bank account to a Paytm wallet, you first need to link your bank account with the Paytm app. Once that is done, follow these steps below to perform this transaction:
  1. Open the Paytm app and scroll down to the section that says 'Send Money' on the home screen.
  2. Click on 'To Self' under this section.
  3. This will open you a new screen where the list of all linked bank accounts is displayed. Select the bank and the account to which you want to withdraw the money.
  4. Enter the amount to be transferred.
  5. Click on 'Pay' after confirming the bank account to be debited.
  6. You will now be prompted to enter your UPI PIN and confirm the transfer.
  7. Once this is done Successfully, you will be notified

If you linked up your credit or debit card to your Paytm app, you will be able to transfer money from these cards to your Paytm wallet.

How to Transfer Money to Mobile Number from Paytm Wallet

Aside from transferring money from your Paytm wallet to a bank account, you can also transfer money from your Paytm wallet to your mobile number. 

Below are the steps you are required to follow:

  1. Log in to the Paytm application.
  2. Locate 'Paytm wallet'.
  3. Click on "Pay."
  4. Enter your mobile number or choose it from contact list or scan your QR code
  5. Click on "Pay."
  6. Enter the desired amount, select Paytm wallet and click on "Pay" to complete the process to send money from a Paytm Wallet

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Final Thoughts

Money transfers from one account to another can be quite easy with the use of the Paytm app. Sending money from a Paytm wallet to a bank account is convenient and easy to do, and this also gives you the opportunity to benefit from discounts and rewards.

To transfer money from your Paytm wallet to a bank account, you will first need to download the Paytm app and install it on your phone, before following the steps you just saw above.

You can also send money to a Paytm wallet from your bank account. but you first need to link up your bank account to the Paytm app.

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