It has now become easier to transfer money to Paytm. The Noida-based e-commerce company has added support for payments using Unified Payments Interface (UPI) to its e-wallet app Paytm. This means that users can now add money to their Paytm wallets using their UPI ID.
UPI is a government platform launched by National Payments Corporation of India (NPCI) in August last year. The payment system allows users to transfer money between any two bank accounts using a smartphone. Users need to create a Virtual Payment Address and link it to a bank account, which then acts as their financial address.
Sending money using the UPI app is said to be as easy as sending a message, since users don’t need to remember the beneficiary’s account details or their own net banking ID and password. It eliminates the need to fill IFSC code, account details etc, this way doing away with several steps that are typically involved in bank funds transfer
Customers will be now able to refill their Paytm wallet through any UPI-enabled app, transfer money to any bank account from their existing bank account through Paytm’s UPI interface.
Also, all Paytm merchant QR codes will be UPI-interoperable, which means all merchants in the Paytm ecosystem can accept payments from other UPI apps.
“We have implemented a deep integration between our payment system and UPI. This will not only help customers add money into their Paytm Wallets, but also act as a strong foundation for our upcoming Payments Bank.” said Nitin Misra, senior vice president, Paytm. “Going forward, we will continue to leverage various India Stack features to bring innovative and cost-effective services to our fellow Indians.”
The company had recently implemented India Stack components like eSign and eKYC to ensure scalability for its mobile payments and commerce solutions. Going forward, all merchants in the Paytm ecosystem can also accept payments from other UPI apps.
In the past few months Paytm has introduced several new features like App Password on Android, a toll-free number for feature phone users to pay or receive money using Paytm and support for 10 regional languages including Hindi.
Post-demonetisation, Paytm has clocked over 7 million transactions worth Rs 120 crore in a day, helping it cross $5 billion GMV sales, four months ahead of its target.
