Paytm now allows receiving of payments directly into bank account

Earlier, whenever there was a failed transaction towards a merchant on the Paytm app the app used to make the refunds only to the wallet and not to the bank account or card from where the payment was made. This undo this; users had to go through the hassle of adding the money back to their accounts whenever there was a refund.

The update which Paytm will be soon rolling out will make amends to allow the refunds to go directly to the payment source. Paytm users can toggle this setting on or off by going to the ‘Profile’ section and scrolling down to payment settings and tapping on “Saved Payment Details and Settings”. At the bottom of the page, users get to see a toggle button for ‘Add money refund back to source’.

Users will receive money directly into their bank account without requiring the sender to put in your bank account details again and again. Like the last feature, users can toggle this feature on and off too.

While in the past Paytm has been held by the users for charging a 3% fee on transferring funds from wallet to the bank account but it still remains unclear whether or not that will be levied on the funds transferred to accounts using this method.

Also, all these new features are made available for users in the latest Paytm app version.