How to transfer money using UPI on Paytm
Paytm is India's largest financial services company offering a full suite of online payment and financial solutions. The company is committed to bringing at least 500 million Indians into the mainstream economy through payments, trade, finance, recruitment and financial services.One97 Communications Limited owns the Paytm brand and was founded by Vijay Shekhar Sharma in 2010.Paytm is headquartered in Noida, Uttar Pradesh. Its major investors include SoftBank, Anthem, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price and Discovery Capital.
UPI (i.e. Unified Payment Interface of India) is the most secure, innovative and fastest growing payment method in India.
How to transfer money using UPI on Paytm
UPI transfers on the Paytm app can be used through various options listed below:
Select Contacts/Enter Mobile Phone Number: To transfer money simply select a phonebook contact or enter your mobile phone number, specify the amount and enter the PIN code. The transaction will be completed in seconds.
Scanning UPI QR Code: Use UPI to transfer money by scanning the QR code of the payee. Simply open Paytm on your mobile phone, click on 'Payments', then select 'QR Code', scan the recipient's QR code and enter the amount you want to pay, then enter your personal UPI PIN and the transaction will be completed in seconds. The transaction will be completed in a few seconds.
Enter UPI ID: To transfer funds via UPI ID, simply open the app and enter the recipient's UPI ID, then enter the amount to be transferred and verify the transaction by entering the individual's MPIN. The same transaction will be completed within seconds.
Enter Account Number and IFSC: This is the traditional method of transferring funds and is also supported by UPI. Simply enter the recipient's account number and IFSC, confirm the amount and enter the individual's UPI PIN.
Below are the specific steps for the transfer method described above:
Open Paytm and on the home screen, find the 'Transfer Money' feature, which lists the various ways to transfer money via UPI, including via mobile number, swipe code and bank account.
Select any of the following options to make further transfers.
If you click on "Scan and Pay", you will have to scan the QR code of the payee.
If you select "Send to mobile phone", the system will ask you to enter the payee's mobile phone number or select the payee's number directly from the contact list of your mobile phone.
After selecting the payment method, enter the amount to be transferred.
Enter your personal 4-digit or 6-digit UPI PIN and click "Pay" to confirm the transaction.
The amount will be transferred to the recipient's bank account within seconds.
Things to keep in mind while transferring money using UPI on Paytm
With the help of Paytm UPI, money transfers can be done in a number of ways. Depending on the customer's requirement, it is possible to add or delete multiple bank accounts, create/change the customer's personal UPI PIN, select the primary account to be used for making/receiving payments, etc. Alternatively, the customer can change the bank account from which the transfer is to be made, and at the time of execution of the transaction the transfer is made through UPI.
Here are some important things to keep in mind when transferring money:
Transfer via mobile phone number
UPI transfers are preferred and the mobile number to which the transfer is to be made must be a registered and UPI enabled mobile number with the bank.
All the customer needs to do is to create a UPI account on the Paytm app and the individual's UPI ID will be created automatically. Please note that during the process of creating the UPI account, the system will ask for the individual's bank account to be linked. Customers can either receive money by sharing their personal phone number or transfer money using the UPI transfer feature on Paytm from the mobile number shared by the recipient.
Paytm will automatically detect if someone's phone number is associated with a UPI.
scanning code payment (computing)
The UPI QR code is unique to each user, just like a UPI ID, and is associated with the merchant's bank account. When the user scans the merchant's QR code, it automatically captures their associated bank account details and the user can make a payment by entering the amount and confirming the transaction.
Transfers via UPI ID
Users can transfer funds using the UPI feature on Paytm or other wallets by entering the recipient's UPI ID, provided both the transferor and recipient have valid UPI IDs.
The UPI ID is a unique identity for each UPI user, also known as a VPA (Virtual Payment Address).
UPI is driven by Payment Service Providers (PSPs), which are banks and UPI applications that allow bank-to-bank transfers via UPI IDs.
Transfers through bank accounts
Apart from transferring money using UPI on Paytm via mobile number or UPI ID, users can still transfer money by adding the recipient's bank details. While transferring money, users first need to select the bank and then add the account number, IFSC and name of the account holder.
summaries
There are multiple ways to transfer money using UPI on the Paytm app.UPI transfers are instant and the process is simple and convenient. It is also very fast. Also for the benefit of the user, Paytm keeps a record of all transactions for the user. Therefore, while making a payment through UPI transfer, users can view the history of all UPI transactions.
Atpay- We are a professional provider of payment solutions and have been deeply involved in payment services in India for many years, and have successfully provided payment functionality to countless clients at home and abroad, we have full confidence in payment integration and high-risk payment processing, welcome inquiries and exchanges.
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