comscore Paytm integrates BHIM UPI app on its platform

Paytm integrates BHIM UPI app on its platform

With this integration, Paytm aims to be "the largest and biggest acquirer of UPI" in India.

  • Published: November 7, 2017 10:43 AM IST

Confirming earlier reports, Paytm has now integrated the BHIM UPI app on its platform. With this latest initiative, Paytm aims to be “the largest issuer and acquirer of UPI, and establish the most comprehensive payments system in the country”. BHIM (Bharat Interface for Money) is developed by the NPCI, and was introduced last December. BHIM UPI on Paytm is currently available in beta mode on Android. It will be available on iOS soon. Also Read - Using Paytm Transit card you can travel in metro, bus, train and more cashless

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BHIM UPI on Paytm will be located on the top banner of the app. You will first need to create a BHIM UPI ID which will be your mobile-number@paytm by default. After creating the ID, you can select the bank under which your account is registered. Note that only banks which have UPI enabled can offer this service. To confirm your bank account an SMS will be sent to the linked mobile number. The last step of the process involves creating an M-PIN to start using UPI.

Paytm allows you to link your UPI address with multiple bank accounts, but you will have to set a primary one. Also, the mobile number registered on Paytm should be the same for your existing bank account to create your UPI address. You can check all your BHIM UPI transactions in the Paytm Passbook available in the app. ALSO READ: Paytm Inbox: How to transfer money via the new messaging tool

After this you can start sending money via BHIM UPI on Paytm without having to share bank details or IFSC code. The payer will simply enter your UPI address and send the money which will be directly credited into your bank account. You can also edit your UPI address from the default one to a customized one – for example, you can use bgrindia@paytm. ALSO READ: Paytm Inbox is the company s step towards becoming the one-stop destination for customers

Paytm merchants can also use BHIM UPI and link their bank accounts with the ID. You can choose whichever account you wish to receive money in via BHIM UPI. The same NPCI guidelines apply here for sending money which is up to Rs 1 lakh a day, while receiving money has no limit. ALSO READ: UPI-led banking apps to sport BHIM as a prefix to their names: Report

: BHIM UPI Paytm

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  • Published Date: November 7, 2017 10:43 AM IST

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