Indian digital payments and financial services company, Paytm Payments Bank now allows users to transfer money through the Unified Payments Interface (UPI) at any mobile number registered with the third-party UPI applications. The move will empower Paytm users to make superfast and seamless money transfers to any mobile number, including those not registered with Paytm. Also, this further deepens UPIs interoperability and roots for the adoption of mobile payments.
According to the notification, Paytm Payments Bank 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.
The development will allow users to get the benefit of interoperability across all UPI-based payment apps, ensuring a superfast and seamless payments experience. The 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 continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. As per the latest data from NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions, and as a remitter bank — it registered more than 362 million transactions in October 2022.
A spokesperson of Paytm Payments Bank 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.”
Here’s how a user can send money to other UPI apps:
Step 1: In the ‘UPI Money Transfer’ section of the Paytm app, tap on ‘To UPI Apps’
Step 2: Tap on ‘Enter Mobile No. of any UPI app’ and enter the mobile number of the recipient
Step 3: Enter the amount and tap on ‘Pay Now’ for instant transfer of money
Paytm Payments Bank has the largest scale in India, in terms of mobile transactions. The bank offers best-in-class digital payment and banking experience with its mobile-only savings accounts, current accounts, fixed deposits with partner banks, and payment instruments like wallets, UPI, FASTag among other services to Indians.
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