Paytm, a digital payment platform, offers the convenience of transferring money instantly at no cost using the Paytm Wallet and Paytm BHIM UPI. In this article we will provide you the information related to how to add beneficiary in Paytm.
With Paytm, you can make cashless transactions at various places, from taxis and petrol pumps to grocery shops and restaurants.
You can also use it for online recharges, utility bill payments, booking movies, or purchasing travel tickets.
UNDERSTANDING RBI GUIDELINES
According to RBI guidelines, you can only send up to Rs 10,000 per month to a user without adding them as a beneficiary.
If you wish to send more money, you need to add the recipient as a beneficiary in your Paytm account.
ADD BENEFICIARY IN PAYTM
Follow these steps to add a beneficiary in Paytm:
STEP 1: NAVIGATE TO ‘MY PAYMENT SETTINGS’
Open the Paytm app on your device.
Locate and click on ‘My Payment Settings.
STEP 2: ACCESS ‘MANAGE BENEFICIARIES’
 Within the ‘My Payment Settings’ section, you will find ‘Manage Beneficiaries.’ Click on it.
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STEP 3: INITIATE ‘ADD NEW BENEFICIARY’
In the ‘Manage Beneficiaries’ section, you will find the option to ‘Add New Beneficiary.’ Click on this.
STEP 4: PROVIDE BENEFICIARY DETAILS
Enter the account details or wallet number of the beneficiary you wish to add.
STEP 5: CONFIRM ‘ADD BENEFICIARY’
Once you have entered the beneficiary details, click ‘Add Beneficiary’ to proceed.
STEP 6: VERIFY WITH OTP
You will receive an OTP (One-Time Password) on your registered mobile number.
Enter this OTP to verify and confirm the addition of the beneficiary.
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STEP 7: SUCCESSFUL ADDITION
After OTP verification, the beneficiary will be successfully added to your Paytm account.
Note: Increased Transaction Limit
 Once the beneficiary is added, you can now send up to Rs 10 lakh per month, as per the revised transaction limit.
This enhanced limit provides you with greater flexibility for your transactions.