20 June 2017, India:
In line with the government’s initiative to build digital payments in the country, Paytm Payments Bank is set to adopt Unified Payments Interface (UPI). This will enable consumers & merchants to transact with ease on its banking platform.
Paytm Payments Bank account holders will soon be able to send & receive money using a UPI ID (username@paytmbank). Moreover, merchants across online & offline space will also be able to accept money from Paytm Payments Bank users through UPI.
Related read- Paytm Launches Payments Bank in Delhi-NCR
Renu Satti, CEO – Paytm Payments Bank said, “We will soon enable seamless creation of UPI IDs on our platform so that users can send and receive money to each other, and for merchant payments. It will be one of the most important components of our payments platform and enable us to bring cost-efficient digital payment services to every Indian. Our significant consumer base makes us well-positioned to become a large issuer of UPI handles, driving its adoption in the country.”
Paytm Payments Bank was recently launched with zero charges on online transactions and no minimum balance requirement. It has been designed to help achieve financial inclusion and bring half a billion Indians into the mainstream economy. It was the first Indian company to bet big on its zero cost QR Code-based payment solution that has become synonymous with digital payments in the country. It is aiming to replicate this success in the banking sector and further drive the adoption of digital transactions.
Also read- Paytm Raises $1.4 Billion Funding From Softbank