I received some cashback in my PayZapp wallet, and I’d prefer to move that money to my savings account. What are the steps to do this?
Transferring money from your PayZapp wallet directly to a bank account is a useful feature. However, it’s important to know that this capability is available only to users with a Full KYC account. The process is simple, but there is usually a small transaction fee involved.
Step 1: Ensure Full KYC to Enable PayZapp Money Transfer
My friend, who was a minimum KYC user, was searching everywhere in the app for the ‘Send to Bank’ option but couldn’t find it. I had to explain that the ability to transfer money from the PayZapp wallet to an external bank account is a feature reserved exclusively for users who have completed their Full KYC verification.
Step 2: Navigate and Add a Beneficiary for the Bank Transfer
I recently had to transfer some money from my own wallet. I opened the app, went to the ‘Pay/Send Money’ section, and selected the ‘Bank Account’ option. Since I was sending money to a new person, the app prompted me to add them as a beneficiary first. This involved entering their bank account number, the bank’s IFSC code, and their name.
Step 3: Enter Amount and Authorize the PayZapp Wallet Transfer
After the beneficiary was added, I just had to select them from the list and enter the amount I wanted to send. Before I confirmed, a screen appeared showing me the small transaction fee that would be deducted from my wallet. I authorized the payment with my security PIN, and the transfer was processed. My colleague confirmed he received the money in his bank account within a few minutes.
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