One97 Communications Limited, the parent company of Paytm, has gone live with the onboarding of new UPI users on the Paytm app.
This comes after the company received approval from the National Payments Corporation of India (NPCI) on October 22, to onboard new UPI users.
With this, users will now be able to create new UPI IDs on the Paytm app by seamlessly linking their bank account(s) to it for super fast payments. The company offers this in partnership with leading banks, including SBI, HDFC Bank, Axis Bank, and Yes Bank, Paytm said in a press note.
Speaking on the development, its spokesperson said, “As the pioneers of mobile payments in India and a homegrown champion, we remain committed to investing in payments. We see a tremendous opportunity on the consumer side with UPI, and are dedicated to bringing the best in innovation for users.”
Here’s a step-by-step guide on how to create your UPI ID on Paytm and start enjoying hassle-free, secure payments. Enter Mobile Number:Open the Paytm app and enter your mobile number to get started. Verify it using the OTP sent to your number. Next you link Your Bank Account. Select the option to link your bank account to activate Paytm UPI. This will enable you to send and receive money seamlessly. Now choose your primary bank account: from the list of linked bank accounts, choose the one you want to use as your primary account for UPI transactions. You’re Done: Once you’ve selected your bank account, your UPI ID is created. You can now use your UPI ID to send or receive money instantly through Paytm. Your UPI ID will be created with one of the following: @pthdfc, @ptaxis, @ptsbi, or @ptyes.
On the Paytm app, users can seamlessly make payments to any merchant or individual, facilitating Peer-to-Peer (P2P) transfers between bank accounts and other UPI apps, thereby enabling interoperability.
Additionally, Paytm also offers UPI Lite for small transactions under ₹2,000 daily, ensuring uncluttered bank statements. Users can also link their RuPay Credit Card with UPI and utilize the auto-pay feature for effortless bill payments. Moreover, they can check their bank account balances and make self-account transfers with ease.