Mobile payments brand Paytm aims to double the number of peer-to-peer (P2P) transactions on its platform with the integration of UPI or Unified Payments Interface.
“Paytm now becomes the most comprehensive payments system,” Vijay Shekhar Sharma, founder and CEO, Paytm, told The Hindu.
“I believe it will be a big push for us. Integration of BHIM UPI in our application removes the obligation to transfer money using wallet or have a wallet account,”
“With UPI, consumers of other banks can also now use Paytm for transferring money. So, we are looking at 100% growth in our P2P transactions with the addition of UPI,” Mr. Sharma said. With the new feature, users will be able to create their BHIM UPI ID on the Paytm application. The ID will be issued by Paytm Payments Bank.
Paytm users can also link any of their savings bank accounts with the Paytm BHIM UPI ID to send and receive money.
“With Paytm BHIM UPI, users can now make seamless and instant money transfers directly between two bank account.
“They will also not have to share their bank account details and IFSC code with anyone to receive money,” Mr. Sharma said.
Merchant partners
Paytm will also be training its five million merchant partners to create their Paytm BHIM UPI ID and accept money using the same. Merchants will be able to accept money directly into their bank accounts with UPI.
“As per the National Payments Corporation of India (NPCI) guidelines, users can send up to ₹1 lakh a day using BHIM UPI; while there’s no receiving limit,” the company pointed out.
