Paytm application got a lot of when there was a demonetization situation took birth in India. So, many people joined with this application and transferred money. Paytm provides some wonderful discounts and cash back offer that helps to attract the user.

The older version of Paytm application was asking for the so much effort to transfer the collected money in from Paytm wallet to bank account. To brush off this problem Paytm now rolling out the new update for their users in which they have provided two new features that allow the Paytm user to accept the money directly to the bank account.

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What if Transactions Canceled?

Now, this is not a major issue. Whenever user will do the transaction process and say in any instance transaction got canceled, the user will get those all money back into their Paytm wallet. The money will not go anywhere now.

New update of Paytm app allows the user to get the refunds back at the same place which they have used to do the payment. For example, suppose if you have done your payment using your debit card, the refund will be sent back to your card. The process works in the same way for debit cards as well as net banking. This new feature can help a lot to the users.

Here are quick steps to turn this feature on:

  1. Tap on the profile.
  2. Go to Paytm settings.
  3. Tap on Saved Payment Details & Settings.
  4. Scroll to bottom page and Turn on Add money refund back to the source

Direct into Bank Account

As I said earlier, in the earlier version of Paytm user have to do so much effort in order to transfer the money in bank account. The new update brought the much-awaited feature. Now user can receive money directly into their bank accounts. Now sender does not have to enter the bank account details by their-self each time whenever they send payment to you.

Here are the steps to set up this feature:

  1. Tap on the profile.
  2. Tap on Accept Money.
  3. Tap on Add Bank Account.
  4. Now you should get the screen to enter your Bank account number, IFSC code, and the name of the bank. Add them carefully.
  5. Enter the OTP which you have received on your mobile number.