You can send money from your Paytm wallet to any bank account instantly. For most of the cases, money is instantly added to the receiver’s bank account.
However few transactions remain pending. This usually happens when post deduction of money from your wallet and informing the receiver bank to add money, we do not get a success or a failure confirmation within the stipulated time or we are not able to get the correct status from the bank due to network issues (load/spikes/outages).
As and when it happens, our priority is to get the final status from your bank and confirm the same to you. Here is what happens behind the scenes in such scenarios:
- Paytm keeps checking with your bank at regular intervals to know whether your transaction was successful or failure. 99.9% of the cases get successful or fail by next working day and you can check the status in your Paytm wallet passbook. For failed transactions, money is added back to your Paytm wallet instantly
- For cases where we do not get final success / failure within 3 working days (less than 0.01% transactions), we proactively inform your bank that we have been waiting for long and it is time you finally credit the receiver’s bank account or tell us to reverse the amount in sender’s Paytm wallet
- Once recipient’s bank gets such instruction from us, they have a reconciliation process with varied turnaround times (1–2 working days for most of the banks, however some banks may take up to 3 working days) after which money either gets added to receiver’s bank account or gets rolled back to your Paytm wallet
- The amount that you send from Paytm Payments Bank Savings account to any other bank account through IMPS goes through the same reconciliation process as described above
In all scenarios, we assure you, that your money is safe and will be rolled back to you if any failure happens.