Paytm launches BHIM UPI

On November 7, Paytm enabled payments using BHIM UPI on its platform for Android app users with an iOS version in the works and this will make payments between different platforms easier for both merchants and customers.

Paytm has enabled payments using BHIM UPI - Paytm- Facebook

BHIM UPI services were first launched on the Paytm Android app and will shortly be available on iOS as well. With these new services, merchants will now be able to accept money from a wider variety of customers. Users of the app will also be able to link it to their savings accounts from other banks and begin to send and receive money to and from that account through Paytm. The number of mobile payment apps is rising swiftly in India and so companies are constantly seeking to roll out innovations that will make their platform more desirable to users and this launch is Paytm’s latest step in the race.

“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," said Renu Satti, Paytm Payments Bank’s Managing Director and CEO.

BHIM UPI stands for Bharat Interface for Money Unified Payment Interface and it was developed by the National Payments Corporation of India (NPCI) and launched by the Indian Prime Minister Narendra Modi in December 2016. The BHIM UPI mobile app supports all Indian banks that use the platform and it enables money transfers from any two parties on the app. As Paytm has launched BHIM UPI services, it will now be far easier to make payments between Paytm and other banks.

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