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
Mobile payment and commerce firm Paytm announced today it has added support for payments using the Unified Payments Interface (UPI). 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.
“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.” said Nitin Misra, Senior Vice President – Paytm. “Going forward, we will continue to leverage various India Stack features to bring innovative and cost-effective services to our fellow Indians.”
Last month, Alibaba-backed Paytm had stated plans of having a deep integration with India Stack to leverage the platform’s open-stack technology for its upcoming payments bank.
The company had implemented India Stack components like eSign and eKYC to ensure scalability for its mobile payments and commerce solutions. Going forward, all merchants in the Paytm ecosystem can also accept payments from other UPI apps, it added.
“We will leverage the power of India Stack starting from Aadhaar to UPI to DigiLocker in our upcoming Payments Bank. This will allow us to offer cost-effective services to Indians and bring us closer to our goal of bringing half a billion Indians to the mainstream economy,” said Paytm founder and CEO Vijay Shekhar Sharma.
Apart from this, Paytm has recently introduced several new features like App Password on Android for additional safety, a toll-free number for non-smartphone and non-internet users to pay or receive money using Paytm and support for 10 regional languages including Hindi.