How to quickly transfer money directly to someone’s bank account using Paytm
Paytm offers users the chance to instantly transfer money, directly from their bank accounts to those of their recipients instantly. It uses the revolutionary new UPI technology, which enables payment to bank accounts directly using just a mobile number. It gets rid of the lengthy process of netbanking which has been in place for some years now and typically involves putting in the account number & IFSC additions and waiting for beneficiary activation. It often leads to transactions getting delayed as NEFT transactions are processed in a fixed slot. Instead, Paytm UPI provides unmatched ease and speed, allowing users to do all bank transfers in the safest and easiest way possible.
Money transfer has never been more easy & convenient. Simply by logging into the Paytm app, you can check balance, transfer money to your friends & family and request money securely on Paytm. All you need to do is link your bank account on Paytm and set up your MPIN. Your MPIN is a 4 or 6 digit passcode, stored securely with NPCI (National Payments Corporation of India). Your account details and MPIN are safe with NPCI and are authenticated with secure servers whenever money is deducted from your account using Paytm UPI. Here’s how you can begin to quickly and safely transfer money directly to recipient’s bank accounts :
Step 1 : Log in to the Paytm app
Step 2 : Click on “UPI Money Transfer”
Step 3 : You have the choice of simply typing the name/mobile number of the recipient or choosing his/her name from the phonebook icon on the right that opens your phone contacts. If the number of the recipient is registered with Paytm UPI, funds can be transferred to their bank accounts directly. Else, click on “Enter Bank Account/UPI ID”
Step 4 : Enter Beneficiary details ( Bank a/c + IFSC Code + name and mobile number)
Step 4 : Enter amount & confirm
Step 5 : Enter your secure MPIN to authenticate
Step 6 : Transaction processed in real-time. Beneficiary gets money instantly.
Remember that to transfer money from your bank to the bank account of a recipient, users first need to link the bank account from which they intend to send money to their Paytm account.