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Paytm Integrates UPI Payments System for Wallet Recharge

Paytm Integrates UPI Payments System for Wallet Recharge 2x4k58

By Tasneem Akolawala | Updated: 3 January 2017 11:58 IST

Highlights

UPI now shows up a payment option on the Paytm app
It allows easy transfer of money to Paytm
UPI payments system was launched in September

ment

Ever since demonetisation hit the country, NPCI), aimed to make bank to bank transactions an easy affair, and by integrating the , Paytm looks to make its ecosystem as -friendly as possible. 6n6919

UPI payments system was launched in August last year, and is interoperable between banks. It allows s to send and receive money by just using a unique UPI ID, eliminating the need to fill IFSC code, details etc. It reduces a lot of steps that are typically involved in bank funds transfer, and the government claims it is as easy as 'sending a text message'.

The integration of UPI will inadvertently help s transfer money into their Paytm wallets more easily. s can now add money to their Paytm Wallets using their unique UPI ID. When adding money, a new option called UPI now shows up on the Paytm app, alongside netbanking, debit card, and credit card options. Once they enter their UPI ID on the payment page, a collect-money request is sent to their UPI-enabled apps on their smartphone. After they accept the payment request and enter their pin code for UPI transactions, the transaction is complete, and the money is instantly added to the Paytm wallet.

"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 Payments Bank. Going forward, we will continue to leverage various India Stack features to bring innovative and cost-effective services to our fellow Indians," Nitin Misra, Senior Vice President, Paytm said in a statement.

Paytm recently introduced a was also launched to help non-Internet s pay or receive money using Paytm.

Disclosure: Paytm's parent company One97 is an investor in NDTV's Gadgets 360.

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