After PM Narendra Modi introduced BHIM app last week, Paytm has now added the support for UPI transactions to its app. In other words, users transacting through UPI (Unified Payments Interface) can now add money to their Paytm wallet using UPI ID.
Through UPI, one can easily transfer funds by just entering a unique UPI ID and avoid the hassle of filling in details like IFSC code, Account Number etc. Though UPI has been in the existence since August, however, the new technology actually took off post-demonetization of Rs 500 and Rs 1000 notes. Several Banks including HDFC Bank, Axis Bank have been encouraging their customers to use UPI for transactions and only after BHIM app was launched last week, people have started using it for transferring funds.
Nitin Misra, Senior Vice President, Paytm said – “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. Going forward, we will continue to leverage various India Stack features to bring innovative and cost-effective services to our fellow Indians,”
To add money through UPI, one must have a UPI-enabled app for his/her bank installed on their smartphone. Tapping on the ‘Add Money’ option inside the Paytm app now reveals a new option of UPI. On selecting the UPI option, the app will ask you the UPI ID after which a collect-money request will be sent to the UPI-enabled app installed on your smartphone. Accept the payment request and enter the PIN to complete the transaction.
To further enhance the security, Paytm recently added ‘App Password’ feature which helps secure your Paytm account or wallet from misuse.