Paytm has introduced payments using BHIM UPI on its platform. The Paytm app will now let users create their own BHIM UPI ID and this will be issued by Paytm Payments Bank. Paytm users can link any savings bank account with this BHIM UPI ID to start transactions, which will be accepted by banks and other BHIM UPI apps. The bank account linking feature is currently available only on Android.
Users can create their UPI ID from the BHIM UPI section on Paytm’s home screen. These IDs will include the user’s registered number. As an example, if the mobile number registered is 9123456789, the UPI ID for that account would be 9123456789@paytm. Paytm’s BHIM UPI feature enables users to receive or send money, without sharing their bank account details and IFSC code with anyone to receive or send money.
This feature shall also be expanded to Paytm’s 5 million merchant partners, who shall have their Paytm BHIM UPI IDs. Merchants using Paytm can add multiple bank accounts with the single ID. As per the National Payments Corporation of India (NPCI) guidelines, users can send up to Rs 1 lakh a day using BHIM UPI, but there is no cap on receipts.
“As a part of our journey of being a truly open payment platform, consumers and merchants should both have complete range of choices to select payment source and destination. With the availability of BHIM UPI to our large user base and merchant network, we believe the next wave of digital payments will begin soon”, said Renu Satti, MD & CEO – Paytm Payments Bank.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines