Alibaba-backed mobile wallet platform Paytm has reportedly announced that it has added support for payments using the Unified Payments Interface (UPI).
How it works?
With this development, Paytm users on the UPI platform can add money to their Paytm Wallets with ease using their UPI ID. Once a user enters the UPI ID on the payment page, a collect-money request would be sent on the UPI-enabled apps on their smartphone. After accepting the payment request, the user will have to enter their four or six digit PIN for UPI transactions in order for the transaction to 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.
Other new features include:
- Paytm App Password, that ensures money stored in the Paytm wallet remains safe even if the owner’s phone is lost or misplaced
- The company has also launched a toll-free number (1800 1800 1234) that helps non-smartphone and non-internet users to pay or receive money using Paytm
- The App supports 10 regional languages including Hindi
Besides, the m-commerce platform has also promised to keep bank transfer rates at 0% till the launch of the Paytm Payments Bank.