Now Paytm Users Will Be Enabled To Pay Via BHIM UPI On Its Interface
Paytm, the mobile payments interface, declared that now they will be having payments through BHIM UPI on its interface. Through the app, the users can generate their own Paytm BHIM UPI ID, which will be provided by the Paytm Payments Bank.
The new update will enable Paytm users to connect this exclusive Paytm BHIM UPI ID with any of their savings bank accounts and begin accepting & sending money. At the moment, all BHIM UPI apps and banks accept the Paytm BHIM UPI IDs.
This specific move accomplishes the incorporation of paying money to others via UPI. The company, in January, had facilitated UPI on their wallets enabling users to only put in cash to their Paytm wallets through their UPI-supported apps.
Now you would want to know how all this would be working, right? So, here it is.
To generate a UPI ID, the users should head to the BHIM UPI section on the home screen of the Paytm app (top blue band). The IDs will be basically the registered mobile number of the user. Meaning, if the registered mobile number of a user is 9987654321, the UPI ID will be created as 9987654321@paytm. The Paytm BHIM UPI ID can be linked by the users to their prevailing savings bank account.
Nevertheless, at present, this feature is accessible only on the Android app and will be accessible on iOS soon. After this, the will be providing training to its merchant partners (Around 5 Million) to generate their Paytm BHIM UPI ID and receive currency using the same.
This incorporation will facilitate merchants the suppleness of toting up multiple bank accounts with one Paytm BHIM UPI ID and receive money into their bank accounts directly. According to the instructions by National Payments Corporation of India, around 1 Lakh can be sent by users per day through BHIM UPI without accepting limit.
CEO and MD of the Paytm Payments Bank, Renu Satti, talking about this new advancement, said, “As a portion of our journey of being an actually open payment interface, merchants and consumers should have a full array of alternatives to choose destination and payment source. With the accessibility of BHIM UPI to our huge merchant network and user base, we suppose the next drive of digital payments will start soon.”
The NPCI, just this month, declared that transactions on UPI, in October, had attained an all-time high of around 77 Million, with a sum of Rs 7,057 Crore being transferred across the network within the same month).