Mumbai: Customers and merchants will need to register with Paytm their mobile number and set a four digit paytm PIN, the company said in a statement here.
Digital payments platform Paytm on Wednesday announced a toll-free number to enable consumers and merchants without an internet connection to pay and receive money instantly and also recharge their mobile phones.
Customers and merchants will need to register with Paytm their mobile number and set a four digit paytm PIN, the company said in a statement here.
“They (users) can then enter the recipient’s mobile number, amount and their Paytm PIN to successfully transfer the money from their Paytm wallet to another Paytm wallet,” it said.
“We are committed to enabling more and more Indians to transact digitally. The launch of our new toll free payment number (180018001234), is another significant step in that direction. This will allow even non-smartphone users across India to go cashless,” Nitin Misra, senior vice president, Paytm said.
Currently, over a million offline merchants across India accept Paytm as their preferred payment mode, the company claimed.
Paytm has a current user base of over 160 million. The company’s investors include Ant Financials (Alipay), Alibaba Group, SAIF Partners, Sapphire Venture, Mediatek and Silicon Valley Bank.
Paytm has become the go to the digital payments app many people in India after the demonetisation drive, and the company has within days of Prime Minister Narendra Modi’s announcement of scrapping Rs. 1000 and old Rs. 500 currency notes. From vegetable vendors to grocery stores, everyone is joining the Paytm added thousands of merchants to its platform.
(Also see: What is Paytm, and How to use Paytm Wallet?
But there is still some confusion about what happens after a merchant receives a payment from a customer via Paytm. How should merchants transfer money from their Paytm Wallet to bank accounts? Scroll down to find out the simple process to transfer money from your Paytm to bank accounts.
In order to transfer money from your Paytm wallet to a bank account, you need the name, account number, and IFSC code of the bank account holder. However, there is a Rs.20,000 limit on transactions (Rs. 50,000 for merchants) if you haven’t got your KYC (Know Your Customer) process done. if you need to transfer more than the limit, then you will need get in touch with Paytm to get your KYC done.
How to use digital wallets without sharing your mobile number.
Doing so is also quite simple: first find a Paytm KYC centre close to you, and provide the relevant RBI-approved documents (Aadhar card, passport, voted ID card, driving license, or NREGA job card). You can also type in your Aadhaar number, and then request a visit at your address. While the PAN card number is not necessary, it becomes mandatory if you want to transfer more than Rs. 50,000 in a single transaction. You can conduct unlimited transfers after the KYC is done.
(Also see: Paytm Waives Off Merchant Fees on Offline Trnsactions.
The KYC process can take up to 48 hours, but you can shorten it by providing Aadhar card as proof of identity as the biometric verification “results in instant completion of process,” says Paytm.
How to transfer money from Paytm to any bank account using Paytm app
- Open the Paytm app on your smartphone and tap thePassbookicon
- Here, select theSend Money to Bankoption
- Tap onTransfer
- Enter the amount, account holder’s name, bank account number, and IFSC code
- Hit theSendbutton
How to transfer money from Paytm Wallet to bank account using Paytm desktop website
- Open Paytm.com website and login to your account
- Roll the mouse cursor over your name at the top-right of the screen and click onPaytm Wallet.
- In this window, select theTransfer to Bankoption and type in the requisite details
- Hit theSend Moneybutton.
If you are a new Paytm user without KYC, you have to wait three days to transfer money from your Paytm Wallet to bank account. On the other hand, those who have completed the KYC process can start bank transfers immediately.
Transferring money from your Paytm Wallet to bank account will be free of charge
will be free of charge till December 31 for merchants who have done KYC. Other customers, as well as merchants who have not yet completed the KYC process, will have to pay a 1 percent fee. You can send a minimum of Rs. 100 to your bank account via the service. Every Paytm users can transfer up to Rs. 5,000 at a time, with 25,000 per month the limit. If you are a merchant, you can transfer up to Rs. 50,000; with the limit going up to Rs. 1 lakh if you are a user who’s done his or her KYC.