Paytm announced today it has added support for payments using the Unified Payments Interface. This move will help its customers transfer money into their Paytm Wallets with ease.
Consumers on the UPI platform can now add money to their Paytm Wallets using their UPI ID. Once they enter their UPI ID on the payment page, a collect-money request would be sent to UPI-enabled apps on their smartphone. After they accept the payment request and enter their 4 or 6 digit PIN for UPI transactions, the transaction is complete.
Speaking on the announcement, Nitin Misra, Senior Vice President - Paytm said, "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. Going forward, we will continue to leverage various India Stack features to bring innovative and cost-effective services to our fellow Indians."
Paytm recently introduced several new features like App Password which it claims, ensures money stored in the Paytm wallet remains safe, even if the owner's phone is lost or misplaced. The company has also launched a toll-free number 1800 1800 1234 that helps non-smartphone and non-internet users to pay or receive money using Paytm. Paytm app is available in 10 regional languages including Hindi to make digital payments.
The company has also promised to keep bank transfer rates at 0% till the launch of the Paytm Payments Bank, which will in turn allow users to transfer money to their Payments Bank account at zero fee.