Paytm users can now transfer money through UPI
– Empowers Paytm users with superfast and seamless money transfer to any mobile number, including those not registered with Paytm
– Paytm Payments Bank leads UPI transactions as the largest beneficiary bank 17 months in a row with more than 1,614 million transactions in October 2022
By Subrat Sarangi
MUMBAI, NOV 21: India’s homegrown Paytm Payments Bank Limited (PPBL) today announced that users on the Paytm app will now be able to make UPI transactions to any mobile number across all UPI payment apps even if the recipient is not registered with Paytm. With this, Paytm app users can instantly receive money from and send money to any mobile number with a registered UPI ID across payment apps. This further deepens Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments.
This empowers users to get the benefit of interoperability across all UPI-based payment apps, ensuring a superfast and seamless payments experience. National Payments Corporation of India (NPCI) has enabled all payment services providers to access its universal database and make UPI payments interoperable.
Paytm Payments Bank Ltd (PPBL) continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions and as a remitter bank, it has registered more than 362 million transactions in October 2022.
Paytm Payments Bank Limited Spokesperson said, “This is an important move for the UPI ecosystem, as it will enable more users to send money to any UPI app, encouraging wider adoption. We continue to lead UPI payments, empowering users with a robust infrastructure for seamless and secure payments. This further strengthens our mission to drive financial inclusion in the country.”
How to send money to other UPI apps:
1. In the ‘UPI Money Transfer’ section of the Paytm app, tap on ‘To UPI Apps’
2. Tap on ‘Enter Mobile No. of any UPI app’ and enter the mobile number of the recipient
3. Enter the amount and tap on ‘Pay Now’ for instant transfer of money
