There are so many e-wallet and payment apps in India. But the biggest name in the industry is Paytm. This sector is so competitive that the companies leave no stone unturned. One strategy is to reward the customers when they use the app for payments. This is where the role of cashback points comes. In this guide, I will tell you how you can convert Paytm Cashback points to cash.
You earn these points when you use Paytm to make UPI transfers, recharges, and many other things. There is a large catalog of products and services against which you can redeem these points. But the best thing you can do with these points is to convert them into cash. And then use that cash to make bill payments, and recharge kind of transactions.
Here you should keep one thing in your mind. And that is you can convert the cashback points into Paytm cash. Not the real cash. So you can only use the converted cash only to make online transactions like recharges and bill payments. You can not move this cash to your bank account.
The thing here is when you redeem your points and convert them into cash. The balance is added to your Paytm Gift Voucher Balance. So the concept is very simple this is not your wallet balance. This is the reason why you can not move the converted cash to your account.
But if you have some money stuck in your wallet. Then you can transfer your wallet money to your bank account. Provided you have completed the KYC process for your wallet with Paytm. Paytm will not charge you anything extra to convert your points into cash.
How Much is the Value of Cashback Points?
| Cashback Points | Value in INR |
| 1000 | Rs. 10 |
| 5000 | Rs. 50 |
| 10,000 | Rs. 100 |
| 25,000 | Rs. 250 |
Depending upon the number of points you have. You can choose the range and convert the points to cash.
Steps to Convert Paytm Cashback Points to Cash
- Open the Paytm app.
- Enter your registered mobile number and login into your account.
- Tap on “Menu”.
- Select “Cashback and Offers”.
- Tap on “Cashback Points”.
- Scroll down to “Convert to Paytm Balance”.
- Select how many points you want to convert to cash.
- At last tap on the “Avail for Points” button.
- Your points will be converted into cash instantly and will be added to your Paytm balance.
Tip: Do you know? If you have completed the KYC. Then you will also have an account with the Paytm Payments Bank. Learn how you can find your account number, IFSC code and apply for a Paytm debit card here.
Conclusion
There is no other way that you can use to convert your points into cash. So you should never share any of your account details with anyone on any third-party website. If you need more help. Then you can use the support section of the Paytm app.