Mobile payments platform Paytm has introduced payments using BHIM UPI (unified payments interface) on its platform.
Mobile payments platform Paytm has introduced payments using BHIM UPI(unified payments interface) on its platform.
The SoftBank-backed company said users can create their own virtual payment address (VPA) on the app, that will be issued by Paytm’s own payments bank.
“Paytm users can link any of their savings bank accounts with this unique Paytm BHIM UPI ID and start sending and accepting money,” the company said in a statement.
The virtual private address will be the users’ registered mobile number, quite similar to the BHIM app. It’s not clear whether Paytm will allow users to create addresses without their phone numbers as well.
Paytm said it will train its five million merchant partners to create their VPA and accept money using the same. “As per the National Payments Corporation of India (NPCI) guidelines, users can send up to Rs 1 lakh a day using BHIM UPI; while there’s no receiving limit,” the company said.
Earlier today, Paytm founder Vijay Shekhar Sharma told ET that they will invest another Rs 5,000 crore in payments business over the next three years.
“Paytm has invested more than Rs 5,000 crore in mobile payment… As a company, we have invested the most and will continue to be the largest investor (in digital payments) in the country,” he said, adding that the firm would double its investment in its payments business over the next three years.