As we all know, Paytm is the biggest brand in the country when it comes to digital payment platform. Paytm has released two new feature with the latest update. Now with the latest Update of Paytm, you can Receive Money Directly into Your Bank Account and also you can Send Refund Directly to Payment Source. Earlier many people faced a problem while transferring money from Paytm wallet to their bank accounts.
Send Refund Directly to Payment Source:
If you are making an online payment and your process gets interrupted midway or canceled. However, this problem is faced by several users due to a poor internet connection, server issues, or simply hardware problems at your end. Earlier if the transaction interrupts, Paytm send the money to its wallet, instead of sending to payment source i.e credit cards, debit cards or bank account.
With the latest update, Paytm will allow users to get refunds back into the same source that they used for payment. For example, if you are making a transaction using a credit card, then the money will directly send back to your credit card. The same process will be applicable for those who are using net banking.
For using this feature, you can tap on the Profile icon which is present on the top right corner of the Paytm app. Then scroll down to Payment Settings of the app and select “Saved Payment Details & Settings”. Later scroll to the end of the page and toggle the option on for adding refund to the source.
Receive Money Directly into Your Bank Account:
As many people accept their payment via Paytm app, so they have to enter all their account details manually every time. With the latest update of Paytm, you can directly receive money into your bank account without entering all your account details. It will help you to save your time by transferring money from wallet to your bank account every time when you receive a payment.
To set this feature up, you have to select “Accept Money” from the Profile settings and tap on “Add a Bank Account”. It will show you to enter your account number, IFSC code, and the name of the bank. For security check, you have to again enter the account number and an OTP will send to your link mobile number.
Once completing this process, you will be able to receive money directly in your bank account. If someone pays you by scanning the QR code to your profile, using your mobile number or using UPI, the money will directly go to your bank account. Earlier Paytm charges 3% processing fees while sending money to a bank account. The company has not given any clear statement if there is any fee involve while receiving money using this feature.
In addition, Paytm app gets Self KYC for quick verification on your Android Smartphone. Moreover, both the feature are available with the latest version of Paytm app. Do try this feature and let us know your experience in our comment section below.