Paytm Cash Launched – Ends Cashback Transfers to Bank Accounts & Other Users

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Gone are the days when you used to transfer your Paytm Cashback to your bank account or could send it to your friends. The cashbacks from Paytm while shopping or making a transaction on Paytm are no more transferrable.

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India’s largest digital payments app will no longer allow you to transfer your Paytm cashback to your bank account back and you can’t even send it to other Paytm users, because Paytm Cash is here.

Bad News!

The sweet period is finally over, and Paytm has made one of the biggest changes since its inception. Paytm is no more allowing you to transfer their cashbacks to bank accounts, and doesn’t even allow you to transfer the cashback to another Paytm user as well.

Until now, Paytm has allowed users to transfer their cashbacks they received from a purchase on Paytm or a transaction made, to bank accounts and other Paytm users as well.

But from now now, Paytm will maintain separate books for cashback and your Paytm Wallet. The cashback you get from a purchase or transaction will now appear in the Paytm Cash tab, while the wallet amount will appear in the Wallet tab.

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Preventing Misuse of Cashback Offers

The new Paytm Cash aims to enhance user engagement and this will eventually transform the existing structure of the cashback system.

Paytm’s new move on their platform potentially wants to prevent the misuse of the cashback offers. The new model has been rolled out to all Paytm accounts and this will replace the future cashback system and its acceptance.

The Paytm Cash will be accepted everywhere where you can presently pay with your Paytm app. Though, the cashback or Paytm Cash will be non-transferable in nature, and it cannot be transferred to other users on Paytm or to any other bank account.

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New Update Rolled Out

The Paytm app for both Android and iOS versions has been receiving a new update which will now show a dedicated Paytm Cash tab under their Passbook option with a separate Wallet option.

This new Paytm Cash tab will have all the details of your cashbacks you have received through all your various online and offline deals, purchases and transactions. Previously, Paytm had a joint account for both the cashbacks and wallet which showed all the cashback received and the existing wallet balance under the Wallet section.

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All Transactions Under One

Though, even with the distinction of accounts, the Paytm app will show all your transactions made using Paytm Cash under your Wallet section.

The app will no more allow you to transfer the balance you have received in the form cashback (now Paytm Cash) to any of your Paytm contacts via Paytm or to any of the bank account.

The Paytm Cash aims to let users use their cashbacks only for the transactions made via Paytm. This will let the company to reduce instances of the cashback offers being misused, which is quite common during various sale seasons.

Back in December, Paytm crossword the benchmark of 100 million downloads on Play Store and recently added the BHIM UPI functionality to their Paytm Payments Bank.

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