Free Bank to Bank Money Transfer Using Paytm UPI

In my blog post, “What is Google Pay?“, I have explained how to transfer money from one bank account to another account using Google Pay App. But, there are many people who are not yet acquainted with Google Pay and prefer Paytm. Earlier, Paytm was know as a wallet based platform. Now it is much beyond it. Paytm has linked with BHIM UPI to allow it’s users to transfer money from one bank to another directly and for free. In this post, I will explain step by step process of transferring money using Paytm UPI

Setting Up UPI on Paytm

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1. Login to your Paytm App
2. Click on UPI Money Transfer
3. Select you bank in order to link your bank account
4. Create UPI address
5. Congratulations, your bank account is then added and UPI is set up

 

Transferring Money Using Paytm UPI

1. Login to your Paytm App
2. Click on UPI
3. Click on Money Transfer
4. Enter Bank account number/UPI ID/Mobile number of the person to whom you wish to transfer money. You can also scan QR Code.
5. Enter the Amount
6. Enter the message (Message is optional and it can help the receiver understand for what purpose you have transferred the money)
7. Click on Proceed
8. Click on Confirm Money Transfer
9. Enter your UPI PIN and proceed
10. Money transfer is successful

Requesting Money Using Paytm UPI

1. Login to your Paytm App
2. Click on UPI
3. Click on Request Money
4. Enter the UPI ID of the person from which you want to request money
5. Enter the amount and the message
6. Click on Request Money

Adding Bank Accounts to Paytm UPI

All your bank accounts can be added to your Paytm UPI.

1. Login to your Paytm App
2. Go to UPI section
3. Click on “Add a New Bank Account”

The transfer of money takes place from the “Primary Account”. If you have multiple bank accounts added, you can make an account primary if you wish to let the transactions happen using it. You can also unlink an account by deleting it.

Paytm also offers a lot of exciting cashback offers for using UPI.

What is better: Paytm Wallet or Paytm UPI?

Paytm UPI is much better than Paytm Wallet because when you use Paytm Wallet, you need to load the wallet by transferring money from your bank account to the wallet and then do the transaction. On the contrary UPI allows you wallet-less transfer from your bank account to receiver’s bank account. With UPI, you don’t have to block your money in a wallet and do multiple transfers. UPI is easy, convenient and a faster way to transfer money.

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