Paytm Payments Bank Limited (PPBL) has announced that users on the Paytm app will now be able to make UPI transactions to any mobile number across all UPI payment apps, even if the recipient is not registered with Paytm. Paytm app users can send and receive money to any mobile number with a registered UPI ID across payment apps. The National Payments Corporation of India (NPCI) has enabled all payment services providers to access its universal database and make UPI payments interoperable.
According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions and as a remitter bank, it has registered more than 362 million transactions in October 2022.
How to send money to other UPI apps:
1. In the ‘UPI Money Transfer’ section of the Paytm app, tap on ‘To UPI Apps’
2. Tap on ‘Enter Mobile No. of any UPI app’ and enter the mobile number of the recipient
3. Enter the amount and tap on ‘Pay Now’ for instant transfer of money
Paytm Payments Bank Limited spokesperson said, “This is an important move for the UPI ecosystem, as it will enable more users to send money to any UPI app, encouraging wider adoption. We continue to lead UPI payments, empowering users with a robust infrastructure for seamless and secure payments. This further strengthens our mission to drive financial inclusion in the country.”
Paytm Payments Bank claims to lead in terms of UPI transaction volume as the largest beneficiary bank. The company claims that it had more than 1,614 million transactions in October 2022.
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