Paytm Payment Bank IFSC Code and MICR Code 2023: Each branch of Paytm Payments Bank in India is assigned a unique IFSC code for facilitating electronic money transfers. This IFSC code, provided by the Reserve Bank of India (RBI), enables Paytm Payments Bank account holders to perform RTGS and NEFT transactions seamlessly. One such branch of Paytm Payments Bank is located in Delhi, India, and was established in 2011. The bank offers a wide range of financial services, including savings accounts, credit cards, and remittance services.
The IFSC code for this branch is PAYT2N, and its corresponding MICR code is 1000106. These codes play a crucial role in processing various transactions and determining the applicable fees for the diverse products offered by the bank.
If you have any queries or concerns related to your financial dealings with Paytm Payments Bank, their customer support team is available to assist you through phone, email, or live chat. Feel free to reach out to them for any assistance you may require.
- 1 Paytm Bank IFSC Code and MICR Code 2023
- 2 Paytm Bank IFSC Code and MICR Code Details
- 3 Paytm Bank IFSC Code
- 4 What is Paytm Payment Bank?
- 5 How to Open a Paytm Payment Bank Account
- 6 How to Pay Merchants Using a Scan Code
- 7 How to Send Money Using Paytm via Mobile Number?
- 8 How to Add or Transfer Money Using Paytm with UPI?
- 9 How to Send Money From Paytm Wallet to Bank Account?
- 10 Conclusion
Paytm Bank IFSC Code and MICR Code 2023
Digital money transfers have become widespread across the globe, with people increasingly preferring fast, convenient, and secure financial transaction channels. Among the popular online money transfer platforms is Paytm, which operates worldwide, and offers a seamless experience for sending and receiving money. A crucial aspect of these transactions is the unique 11-digit alphanumeric code known as the Paytm Payments Bank IFSC code.
This code facilitates various online money transactions, including sending money to bank accounts and using online payment systems through smart devices. Bank customers can also use this service to top up their Paytm Payments Bank savings account from other bank accounts.
Paytm Payments Bank is an Indian Financial Service Company that provides a range of banking services, including account maintenance, loans, and other financial offerings. Founded in August 2016, the company is headquartered in Gurgaon, India, and was incorporated under the Companies Act, 2013 (Section 8) by One97 Communications Ltd.
It boasts a paid-up capital of INR 100 million and a paid-up capital of INR 500 million. Authorized by the IRDA to operate as a bank in India, the company’s IFSC code is PAYTMBAN001, and its MICR code is 605011020.
Paytm Bank IFSC Code and MICR Code Details
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Paytm Bank IFSC Code
PAYTM-IFSC is the unique code assigned to Paytm, a prominent digital payments and e-commerce platform headquartered in Mumbai, India. The company was founded in 2010 by One97 Communications Limited. It has established itself as a leading provider of online payment solutions and e-commerce services, catering to users in India and beyond through its various subsidiaries and partnerships. Paytm’s diverse offerings include bill payments, mobile recharges, and e-commerce services.
The Paytm IFSC code serves as an identifier for the bank that accepts transfers made through the Paytm platform. It is also utilized to determine the location of a bank branch or ATM that accepts funds transferred via Paytm. These transfers can be processed through IMPS or NEFT payment methods.
The specific IFSC code for Paytm Payment Bank is “PYTM012345,” with the first four characters representing the bank’s name and the fifth digit (zero) reserved for future use. Users can access their Paytm Payment Bank IFSC code online or through customer service. Additionally, certain third-party websites also utilize Paytm Payment Bank’s IFSC code for transaction purposes.
What is Paytm Payment Bank?
Paytm Payment Bank, provided by Paytm, a leading mobile payments and e-commerce platform in India, offers a comprehensive suite of financial services. With this service, users can effortlessly deposit money into their preferred bank account using their Paytm wallet balance. The platform enables users to make regular payments, perform fund transfers between accounts, and even establish savings accounts. Furthermore, Paytm Payment Bank extends its offerings to encompass various financial products such as loans, insurance, and investment opportunities. These diverse services are made possible through partnerships with established banking institutions, which integrate them seamlessly into the Paytm platform, and make them readily accessible to users through their linked bank accounts.
One of the standout features of Paytm Payment Bank is its digital banking facility, which comes with the added benefit of zero balance requirements. This feature allows users to perform free online transactions and enjoy the convenience of digital debit cards. The service is accessible via the Paytm app, available on any smart device, making it a user-friendly and hassle-free banking solution. Eligible customers can request an invitation to open a bank account with Paytm Payment Bank, without incurring any service or opening fees. The Reserve Bank of India (RBI) has granted authorization for Paytm Payment Bank to operate and offer its extensive range of banking services.
The platform caters to both Android and iOS users, providing a seamless banking experience across multiple devices. Applicants can easily set up an account and obtain all essential bank details, including bank statements, ensuring transparency and ease of access to their financial information. With Paytm Payment Bank, users can enjoy the benefits of modern digital banking while avoiding unnecessary fees and minimum balance requirements.
How to Open a Paytm Payment Bank Account
Opening a Paytm Payment Bank Account offers a secure and convenient solution for conducting online transactions. This service allows seamless fund transfers between bank accounts, facilitate purchases and enables hassle-free bill payments. Provided by Paytm, a leading e-money company in India, the account setup process is straightforward.
To open a Paytm Payment Bank Account, users need to download or update the latest version of the Paytm app. Once installed, follow these simple steps:
- Launch the Paytm app and navigate to the “Profile” or “Passbook” tab.
- Choose the option to open a bank account.
- Create a secure password and select from the suggested options for enhanced security.
- Provide your personal details, including your Aadhaar number and PAN card information, and verify your address.
- Upon successful confirmation, your Paytm Payment Bank account will be activated automatically.
With your Paytm Payment Bank Account, you gain access to a wide range of functionalities. You can easily send money to friends and family, as well as use it for daily expenses like groceries and utility bills. The account serves as a reliable digital payment solution, offering peace of mind and a user-friendly experience for your financial transactions.
How to Pay Merchants Using a Scan Code
To begin the payment process using the Paytm app, follow these straightforward steps:
- Launch the Paytm app on your device.
- Tap on the “Pay” or “Submit” button to proceed.
- The app will activate the camera for scanning.
- Scan the merchant’s code using the camera.
- Optionally, you can provide a reason for the transfer.
- Enter the payment amount.
- Click the “Pay” button to confirm the transaction.
- Upon successful completion, the system will send you a confirmation SMS, validating the payment.
How to Send Money Using Paytm via Mobile Number?
To transfer money using the Paytm app, follow these steps:
- Open the Paytm app and choose the “Send” or “Pay” option.
- Select “Mobile Phone Number” and enter the recipient’s mobile number. You can also choose recipients from your contact list.
- Enter the amount to transfer and click on the “Send Money” option.
- The system will provide a confirmation option for your transaction.
For transferring money from your Paytm savings account to other bank accounts, follow these instructions:
- Click on the “Transfer Funds” option in the app.
- Follow the instructions on the page to complete the transfer process.
How to Add or Transfer Money Using Paytm with UPI?
To add money to your Paytm app, follow these steps:
- Open the Paytm app and choose the “Add Money” option.
- Enter the desired amount to transfer or add.
- Proceed to the payment section and select UPI as the payment method.
- Enter your Virtual Payment Address (VPA) and review the pickup request in your UPI app.
- The system will confirm the payment, and the money will be added to your Paytm app.
How to Send Money From Paytm Wallet to Bank Account?
To initiate a bank transfer using the Paytm app, follow these steps:
- Open the Paytm app and click on the “Send” or “Pay” option.
- Select the “Send to Bank” option.
- Enter the recipient’s details, including the bank account number, IFSC code, and transfer amount.
- Double-check the entered information, and once satisfied, click the “Send” button to complete the procedure.
The IFSC code and MICR code of Paytm Bank play crucial roles in facilitating digital transactions in India. These codes are essential for electronic fund transfers, direct deposits, and various other banking services offered by the bank. The IFSC code serves as a distinctive identification code for individual financial institutions in India, similar to the Swift code used in the United States. On the other hand, the MICR code, a 3-digit numeric code found on the back of checkbooks, credit cards, or checks, serves as a unique identifier for the bank’s processing center. Together, these codes eensure theefficient and secure processing of financial transactions within the country.