Right after demonetization announcement hit the nation, Paytm is launching new feature with every coming day to grab this opportunity and expand its user base. Earlier, Paytm introduced its toll-free number which let the users transfer money without the internet. The virtual wallet and shopping platform had also secured its wallet by offering an additional layer of protection to the users. And now, Paytm has introduced the integration of UPI (Unified Payment Interface) with its wallet.
Right after the government of India launched the BHIM app for enabling UPI payments, Paytm has also started accepting payments via UPI. UPI is a government platform built and launched by National Payment Corporation of India in last year August. It is aimed to make bank to bank transfer more easy and robust eliminating the conventional IFSC and MMID methods. With UPI, your mobile number serves as your payment address and can receive the payment without revealing the bank account details.
Now, Paytm has integrated this feature right into their app which will help users to add money to Paytm wallet from their bank account via UPI method. Here’s how it works.
In the image shown above, HDFC Bank’s UPI-enabled app is showed, if you have BHIM app installed on your smartphone, Paytm will redirect to BHIM instead. To add money through UPI, you must have a UPI-enabled app (such as BHIM) on their smartphone and the mobile number registered with the bank must be the same as the one you’re currently using. According to the RBI’s guidelines, customers can add up to Rs 10,000 at one go to their Paytm account with an upper limit of Rs 20,000 per day.
Apart from adding money to your wallet, Paytm will soon let the merchants and users accept payments by UPI.