Paytm Payments Bank Ltd IFSC code & MICR code

Paytm as UPI Third-party Application Provider

The National Payments Corporation of India (NPCI) has now granted permission to One 97 Communications, the parent company of Paytm, to function as a third-party application provider on the Unified Payments Interface (UPI) infrastructure on 14 March 2024. This approval allows Paytm to offer UPI payment services utilising a multi-bank model, similar to its competitors PhonePe and Google Pay. This move marks a departure from Paytm's previous exclusive partnership with its affiliate entity, Paytm Payments Bank Ltd. Paytm Payments Bank, of which One 97 Communications owns a 49% stake, is required to cease providing banking services by 15 March 2024, following an order from the Reserve Bank of India. 

State Bank of India, Axis Bank, HDFC Bank, and Yes Bank will serve as payment system providers for One 97 Communications, according to NPCI, the operator of UPI. Additionally, Yes Bank will function as the merchant acquiring bank for both existing and new UPI merchants of the company. Transactions previously conducted under the "@Paytm" handle, which Paytm utilised through the payments bank, will now be redirected to Yes Bank. 

How to search for Paytm Payments Bank IFSC & MICR Code

Paytm Payments Bank IFSC Code can be found online or by contacting customer care. This information is available on a number of third party websites. Magnetic Ink Character Recognition Code is usually used by banks to clear cheques in a more organized and error-free manner. BankBazaar is one such website where IFSC and MICR code of all banks can be found. This can be found on the IFSC main page.

Paytm Payments Bank

Paytm Payments Bank is a digital banking service app that comes with zero balance requirement, free online transactions and a digital debit card. The service can be used by downloading/upgrading to the latest version of the Paytm app. Initially, customers will have to request for an invite to open a bank account with this payments bank. Customers will be eligible to open a Savings Account or a Current Account with no service fee or account opening charges and earn interest on the same. The mobile wallet company received a nod from the Reserve Bank of India (RBI) to launch the payments bank service. The digital payments bank service is available on both Android and iOS platforms. It is very easy to set up an account and access all bank information, including bank statements, etc. The aim is to set up a new banking model and encourage financial inclusion.

How to Open an Account in Paytm Payments Bank

Opening a Paytm Payments Bank account and registering for the service is a simple and easy process that can be done in a couple of minutes. Customers will have to download or upgrade to the latest version of the Paytm app. Those who do not have one will have to download the app.

Step 1: Download the Paytm app or upgrade to the latest version on Android or IOS platform

Step 2: Launch the app, go to the 'Profile' section or 'Passbook' section and go to open bank account

Step 3: Choose an appropriate password and select a nominee

Step 4: Proceed to fill in nominee details

Step 5: Enter Aadhaar card and Permanent Account Number PAN card details. This will be followed by residential address verification

Step 6: Post the address verification process, a Paytm Payments Bank account will be activated.

Benefits and Features of Paytm Payments Bank Account

Zero balance account: Unlike other bank accounts, this payments bank app will allow customers to maintain a zero balance account. There is no minimum balance requirement in this type of bank account. However, the upper cap for the amount of money that can be held in the payments bank is Rs.1 lakh.

Attractive interest rate: Customers can also avail the benefit of earning interest on their Paytm Payments Bank account.

Complimentary RuPay debit card: All users will also be eligible to get a Rupay debit card that can be used to withdraw money at ATMs. The card will be issued without any processing charges.

No charges for NEFT, IMPS: One of the other benefits of this service is that there will be no transaction charges for online money transfers. The service is completely free for all customers.

Cheque book, online passbook: Apart from other offers and benefits, Paytm will also issue customers a cheque book. An online passbook facility will also be provided and along with this bank statements will be mailed to the customer for free.

Can pay utility bills: All utility bills, namely electricity or mobile recharges, can be paid through this app without any hassle.

How to Pay Merchants at Stores Using Scan Code?

The following are the steps to pay merchants at stores using scan code:

Step 1: Open the Paytm app

Step 2: Click on the Pay or Send option after which the camera will open for scanning

Step 3: Scan the merchant code, write a remark stating why you are sending money. This is optional

Step 4: Key in the amount that has to be paid and click 'Pay'

Step 5: A confirmation SMS will be sent.

How to Send Money Using Paytm Through Mobile Number?

The steps to send money using Paytm through mobile number are as follows:

Step 1: Open the Paytm app

Step 2: Click on Pay or Send and choose the mobile number option

Step 3: Enter the mobile number of the payee/beneficiary. This can be done by tapping on the contacts

Step 4: Key in the amount of money to be sent and click 'Send'

Step 5: A confirmation message will be sent to the payee.

How to Make a Payment Using Paytm Payments Account?

Funds can be transferred from Paytm Savings Bank account to other bank accounts. To do so, just go to the 'Transfer Money' option and follow instructions.

How to Add Money to My Paytm Wallet?

Here are the steps to add money to My Paytm Wallet:

Step 1: Open the Paytm app, click 'add money' and select 'wallet'

Step 2: Key in the amount you want to add

Step 3: Go to 'Saved Cards' and choose the 'RuPay Card'

Step 4: Key in CVV and click 'Proceed to Pay'.

How to Add/transfer Money to Paytm with UPI?

You need to follow the given steps to add/transfer money to Paytm with Unified Payment Interface (UPI):

Step 1: Open the Paytm app, click 'add money'

Step 2: Key in the amount you want to add

Step 3: Go to 'payment selection' and select UPI

Step 4: Key in the VPA. Approve the collect request in your UPI app. Payment will be confirmed.

How to Send Money from Paytm Wallet to Bank Account?

Given below are the steps on how to send money from Paytm Wallet to Bank Account:

Step 1: Open the Paytm app

Step 2: Click on Pay or Send

Step 3: Choose the 'Send to Bank' account

Step 4: Enter beneficiary/payee details such as account number, IFSC code and enter the transaction amount and click 'Send'.