“How to transfer money from Phonepe to Paytm” This is your question. The simple answer to this question is that you can send money from PhonePe to Paytm using Bhim UPI.
But if you want to transfer the cashback received in your PhonePe account to Paytm, then you cannot transfer such direct money.
And if you have added some money to PhonePe wallet with debit card, then you can transfer those money to the linked bank account or any other phonepe user.
Add phonepe referral code on signup