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Introduction

Paytm, one of the most popular Indian digital wallets, is also offering integrated services in the form of BHIM UPI platform. Paytm users can now create a Paytm BHIM UPI ID for themselves via the app. This way, they can easily link a savings bank account for money transfer needs. Most banks and BHIM UPI apps are associated with Paytm BHIM UPI ID to allow easy, quick and instant money transfer services 24/7.

Users don’t need to give any banks details like an account number or IFSC code for sending or receiving money through Paytm. They don’t have to wait for adding a payee/beneficiary as this can be done in an instant

Paytm merchants can easily link their bank accounts and get payments instantly through the app. The app allows users to send up to Rs. 1 lakh and there is no limit on the amount that can be received by users. Users can download the Paytm BHIM app on their Android phones using Google Play Store. UPI is the next-generation payment technology that is slated to make transactions easy and hassle-free for buyers and merchants.

Customers who have been using the Paytm wallet don’t have to recharge their wallet as money is debited from the savings bank account which is linked to UPI on the app. Users also don’t have to pay any transaction fees and easily transfer money free of cost.

Steps to Use Paytm Bank UPI

Paytm Upi

To use Paytm bank UPI, users must download the latest version of the Paytm app. Here is the step-by-step process for activating BHIM UPI on Paytm and adding a bank account successfully:

  • Download and login to the Paytm app
  • On the home screen, click on BHIM UPI
  • Select a bank account and after the bank has verified the account and mobile number provided, user can then proceed to set up UPI ID and pin

How to set up Paytm BHIM UPI ID and PIN

Here are the quick and easy steps to be followed for setting up Paytm UPI ID and pin:

1: Log in to the Paytm app

2: Link bank account by selecting BHIM UPI 

3: Set a UPI PIN once the bank account is successfully verified

4: If a user has not used UPI earlier, the new UPI ID is generated and linked to the bank account as per details provided

5: UPI ID usually comes in this format: userphonenumber@paytm. Once the ID is generated, the UPI QR code is also available

Money Transfer Through Paytm Bank UPI

Here is how you can send money using Paytm Bank UPI:

1: Log in to your Paytm app

2: Select the ‘BHIM UPI’ option on the home screen

3: Select the ‘Send Money’ option

4: Enter the UPI ID of the recipient/beneficiary and the amount of money you wish to send

5: Authenticate the transaction with the help of a UPI PIN and make confirmation of the payment.

Follow below-mentioned steps to receive money through Paytm Bank UPI:

1: Log in to your Paytm app

2: Click on the ‘BHIM UPI’ option available on the home screen

3: Select the ‘Request Money’ option

4: Enter the UPI ID of the payer to request for money

5: You can also set the expiry date for money to be received in your account. The sender can choose to approve or decline such a request.

Here are the steps to be followed to Pay a Merchant Online through Paytm BHIM UPI:

Users can make payments for online purchases using UPI on Paytm at those merchants who accept this mode of payment. Here is a stepwise guide for paying a merchant online via this app:

1: Enter the UPI ID on the website/app

2: A payment notification will come on the app

3: Tap the notification and approve the request for payment by entering the pin

Transaction Limits of Paytm Bank UPI

New Paytm users must wait for a minimum of 3 days for raising any money transfer requests through a bank account. However, for KYC verified customers, there is no wait time applicable and users can instantly initiate money transfer requests. Here are the usage limits applicable to users:

  • A KYC-verified account is allowed to have a balance of maximum Rs. 1 lakh in Paytm wallet.
  • Non-KYC users can have a maximum balance of Rs. 20,000 in their wallet. At the time of signup, one can add a maximum of Rs. 20,000 per month. There may be a delay in cash back in case the user exceeds the limit of Rs. 20, 000 for wallet top-up.
  • Paytm does not levy any charges for money transfers done to the bank account from users' wallets. Users can transfer a maximum of Rs. 25,000 into a bank account from Paytm wallet. This is applicable for KYC and Non-KYC users.
  • There is no defined limit for transferring money back to the source. For instance, a user adds Rs. 40,000 to his wallet using a credit card. He can transfer the entire amount back to the source. (monthly limit of Rs. 25,000 is not applicable in this case.).
  • For single transactions, one can send a minimum of Rs. 100 and a maximum of Rs. 5,000.
  • Transfer requests raised through the app can take up to 24 hours for the balance to be reflected in the user’s bank account.

Security Measures of Paytm

Paytm offers a safe and secure platform for any money-related transactions since it is PCI DSS (Payment Card Industry Data Security Standard) compliant. All transactions initiated through Paytm are done using 128-bit encryption SSL security. Also, user’s card details are secure with Paytm, since it does not store the CVV number. Paytm also monitors all transactions and takes out any suspicious activities to ensure that user’s money is safe at all times.

Paytm has an additional security feature specifically designed for users. This feature allows users to set a password which is required to be entered at the time of accessing the wallet app. This is to make sure that in case anyone has access to the user’s phone, it cannot be misused through Paytm wallet. Thus, even in case of loss or misplacing of the phone, the money in a user’s Paytm wallet is kept safe.

Many users often raise concerns around the potential risk of stalkers or spammers at the time of making money-based transactions using Paytm. To ensure the privacy of users Paytm reveals only the first and last three digits of the phone number in the beneficiary’s account statement. User safety is also focused upon at petrol pumps while accepting payments through Paytm. The field staff are well-trained and sensitized to accept payments at the sales office of the petrol station or a safe distance as specified by PESO (Petroleum and Explosives Safety Organisation).

How to reset your password on Paytm?

Passwords are essential and stronger passwords are always advisable. At times, users may forget their passwords and may need to reset them. Paytm offers a few easy steps to reset the user password. Here is what a user needs to do:

1: Call the Paytm customer care number at 0120-4888-488 from the registered mobile number.

2: Select the language option and Press 1 for a password reset. 

3: The call will then get disconnected. A reset password link is sent to the user’s registered mobile number and email ID.

4: Click on the reset password link and reset the password before confirming it. This link expires in 10 minutes.

Alternatively, users can also reset the password on the Paytm app. In the user’s profile > Settings > Change account settings. Select the option called 'Change Password', which will require a user to provide the current password before allowing to change it. In case a user has forgotten the password, he will need to follow the steps mentioned above.

Paytm Customer Care Details

At times users may come across issues or problems which are to be addressed by customer care officials. There are various ways to reach out to the customer care department of Paytm.

  • Users can call 0120-4728-728 for Paytm queries related to movies and event tickets.
  • 0120-4606060 can be used for Paytm Mall Shopping Orders
  • 0120-4880-880 for Paytm Travel Tickets and Forex queries
  • Users can also send their queries through paytm.com/care/ticket.

Paytm UPI FAQs

1. What is UPI? How does it help in a bank-to-bank transfer?

Unified Payments Interface (UPI) is a real-time payment solution developed by National Payments Corporation of India (NPCI) for facilitating inter-bank transactions. It is regulated by the Reserve Bank of India and allows instant transferring of funds between two bank accounts on any verified mobile device. UPI uses IMPS (Immediate Payment Service) for funds transfer from one account to another.

2. Is there any money transfer limit in UPI bank transfer?

Yes, here are the limits set for UPI bank transfers:

  • Daily Money Transfer Limit – Rs. 100,000
  • Hourly Money Transfer Limit – Rs. 20,000
  • No. of transactions per hour – 5
  • No. of transactions per day - 20

3. Are there any charges involved in setting up an account using Paytm UPI or Paytm UPI transfer?

At present, there are no charges involved in either setting up an account through Paytm UPI or usage of Paytm UPI for money transfer to any other bank account or merchant payments. NPCI has advised that there will be a charge of Rs. 0.50 per transaction. Paytm does not levy any charges on users as of now.

4. Can I make use of UPI bank transfer for sending money to an NRI Account?

No, you cannot use UPI bank transfer for sending money to any NRI account. You can only transfer money to registered bank accounts in Indian Banks which are associated with UPI.

5. Is UPI different from a regular wallet or a bank account?

Unlike traditional mobile wallets that take a specified amount of money from the user and store that money in their accounts, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested.

6. What are the steps to be followed if I am unable to link my bank account to Paytm?

The Paytm app generally auto-fetches a user’s bank account details. This is, provided the number registered with Paytm and the bank are the same. Also, you must activate mobile banking and internet banking facilities before setting up a UPI account. If you are unable to link your bank account despite these measures, you may reach out to your bank for further assistance.

7. What if Paytm is not able to find my bank account details for the linking process?

Make sure that the number used for Paytm is the same as the one registered with the bank. If it is not the same, you must log in using the number registered with Paytm for a smooth linking process.

Latest & Update Paytm Upi News

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