Paytm is India’s e-commerce payment system and digital wallet company. It is a boon to the consumers who have done KYC. As it comes with many exciting features and offers, Paytm becomes one of the best payment apps. Now here comes the question what happens if we have not done our KYC. This payment apps becomes a curse to those customers as all the process requires KYC to be done. Before entering into our topic let us explain some general stuff. transfer money from Paytm to other Bank without KYC.
What is KYC? And how can I complete it?
KYC means Know Your Customer and it refers to the process of verifying the identity of the customers. Indian Government has made it mandatory for business and merchants to complete KYC to undergo their transactions. Sadly Paytm has stopped KYC process for some reasons from Feb 28,2018. So we can’t complete KYC anymore. If you have missed the Paytm KYC process then not to worry we have come up with some interesting tricks to transfer your amount from Paytm.
Some smart tricks for transferring through Paytm:
BHIM app
This app can solve our issues by installing BHIM app. Once you have installed this app you have to link to your Paytm payment bank. Once you have done the registration procedure you can continue the transaction or transfer your money to all wallets and banks without any hindrance.
Buying and Selling Gold using Paytm
Paytm has some amazing feature and one of those features is GOLD. If you are a regular user of Paytm then you must have come across this option. If you don’t know then let us explain. This Gold option allows us to buy and sell Digital Gold online. For our surprise, KYC is not required for this purpose.
- In your Paytm app, you can see this option GOLD on the homepage.
- Click on GOLD option. Once you open it you will have many options on the top of your screen.
- By default, you will be in Buyer page. Just type the amount which you need to transfer to your bank account. For that amount, you will be buying gold.
- Once the payment is a success you will get certain grams of gold for the amount you have paid based on the pay rates.
- Now again go to the same gold page and this time select option “Sell” on the top of the screen.
- Now type the amount you have in form of gold and then select sell.
- It will ask for our bank account details. Fill them and proceed to sell.
- Once the transaction is over all the amount will be transferred to your bank account.
Note: If you are using the Paytm in website then you will find the Gold option on top of your screen
The above-mentioned method is 100% working and it will take just 2-3 minutes for a transaction.
Note: While using this process you must know that you will be charged some amount as GST we can say 3% for buying and another 3% for selling.
Merchant transfer in Paytm:
Paytm has stopped transaction without KYC. But it has not stopped transaction or payment to merchant accounts. Still, we can pay our bills, mobile recharge, and merchant shops. If you know any merchant owners you can simply pay them and get money in return. However, this is not recommended but if you know the person well then you can try this method.
Notes:
- While buying and selling gold make sure that you notice the buying value and selling value For example:
- Now I am buying gold when the value is rs 3000/gm
- And while selling gold the value drops to rs 2555/ gm. Then I will have a loss.
- It is better you wait for some time and then sell when the Gold value increases so not only you will have the transaction but you will have profit for doing your transaction. That is interesting right.
- Using BHIM app is good but many customers have complained that sometimes it fails to work and I require updates.
- And for Merchant transfer, there are many fraudsters so be aware before you go for that option.
If you know any other options other than this then do comment so that we can update and everyone knows about it.
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