Paytm, the digital payment and e-commerce platform has introduced BHIM UPI on their app. The company aims to become the largest issuer and adopter of this comprehensive payment system in the country. As said, the UPI ID’s are being issued by Paytm Payments bank which was launched a few months back following RBI’s approval.
The Paytm BHIM UPI allows you to add a beneficiary with no waiting time and transfer in a jiffy. Currently, over 35 lakh offline merchants are utilizing the Paytm QR code payment system. The added UPI feature will help these existing and new merchants to receive payments from any UPI enabled payment application. Let’s see how to create a Paytm UPI ID for yourself and use it.
“We are now targeting 200 million monthly users in less than two years. UPI will also allow larger ticket size transactions,” said Vijay Shekhar Sharma, founder and CEO of Paytm.
How To Create Paytm UPI ID/VPA?
- Download and install latest beta Paytm app from Google Play store.
- Tap on the BHIM UPI icon on the app home screen.
- Now select a bank account to be linked to your UPI ID.
- Default UPI ID/VPA will be generated as yourmobilenumber@paytm.
- Create your 4 or 6 digits UPI PIN, skip this step if you already have it.
- You can later edit or create your own custom UPI ID/VPA.
How To Transact Using Paytm UPI?
- Tap on the BHIM UPI icon on the app home screen.
- In the next screen, you can see your UPI ID/VPA and QR code.
- Now select, send, request or scan & pay as you wish.
- For send and request, you need to enter the UPI ID or bank details.
- For scan & pay, scan the QR code and these details will be auto-filled.
- Now transact with UPI PIN you created during VPA generation.
“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.” Renu Satti, CEO of Paytm Payments Bank.
Features Of Paytm BHIM UPI
- Create up to 2 UPI ID/VPA for transacting on Paytm.
- Link more than one savings bank account to the app.
- Choose default bank accounts to send and receive money.
The transaction limits will be according to National Payments Corporation of India (NPCI) guidelines. A user can send up to Rs 1 lakh a day, however, there is no receiving limit. If you have a Paytm Payments bank account, we recommend you to link it since that will help you add money to it easily. Moreover, while making purchases at Paytm, you can utilize the Paytm bank balance at checkout if it is sufficient for the payment.
The Paytm BHIM UPI integration is going to create a tough competition to existing UPI enabled wallets like Airtel Payments Bank, Phonepe and others. The Paytm BHIM UPI feature is now available only in the beta android app and will soon become available on iOS. In another story, Paytm introduced a chat feature, inbox which makes user interaction possible. Hope you enjoyed the write-up, Peace!