Economy

Paytm Adds New Feature: Enables Users To Receive Money Via UPI

Paytm Adds New Feature: Enables Users To Receive Money Via UPI”

Paytm on Tuesday announced support for the government-backed Unified Payment Interface (UPI) on its platform. Whenever someone looking to transfer money into your bank account, you can simply give them the UPI ID and the transfer will be done. To transact via UPI, you need to link your bank account with a UPI app (BHIM for instance) and get a UPI Pin. With the UPI integration, it should be relatively easy for users to send money back into a bank account and with no charge. With this option, users will be able to send and accept money from all bank accounts.One can create their own Paytm BHIM UPI id on the application which will be linked to the Paytm Payments Bank. Firstly, now you won't need to recharge your Paytm wallet to make a quick transaction as your bank account is directly involved.

Perhaps the only downside here is that Paytm isn't likely to draw users out of the WhatsApp camp for payments, because now they'll have that service.

One can create their own Paytm BHIM UPI id on the application which will be linked to the Paytm Payments Bank.

Now, after opening the Paytm app users will see a new "BHIM UPI" option at the top carousel besides the options such as Pay, Lifafa, KYC and others. This feature is now available on the Paytm Android app and will soon be available on iOS as well.

Paytm will also be training its 5 million merchant partners to create their Paytm BHIM UPI ID and accept money using the same.

As said earlier, by default, your UPI ID will be set as mobile-number@paytm, however, you can modify the UPI ID as per your wish. Paytm BHIM UPI IDs are being accepted across all banks and BHIM UPI apps. The digital wallet firm has approximately 280 million users and more than 100 million app installs.

So how do I use BHIM UPI on Paytm?

Verify the payment by tapping confirm button on the screen to complete your payment.

BHIM has been a moderate success, since its launch in December past year, the application has been downloaded for over 16 million times and facilitated transactions worth Rs 1,600 crore, as of 31 July, according to the data from NPCI.

Bharat Interface for Money (BHIM) is an application developed by the National Payments Corporation of India (NPCI) for digital payments over the government-managed Universal Payments Interface (UPI) network.



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