Paytm Now Supports UPI Payments to Non-Paytm Users; Will It Boost Its Popularity?

| Updated: Tuesday, November 22, 2022, 18:23 [IST]

Digital transactions are the norm today with a boom in UPI or unified payments interface. However, Paytm was still a closed network as only those with a Paytm account could make UPI transactions with each other on the platform. Paytm Payments Bank is changing this by allowing users to transfer money to any mobile number registered with a third-party UPI app - even if they're not on Paytm.

Paytm also supported UPI-based payments but required the receiver to have a registered Paytm account. This is changing now as Paytm is allowing payments to third-party UPI-based apps like Google Pay and PhonePe.

Step to Transfer Money Via Paytm to Other UPI Apps?

The process to send money on Paytm to other non-Paytm apps is quite simple. Here are the steps for the same:

Step 1: Firstly, you need to have a registered Paytm account

Step 2: Now open the Paytm app > tap on UPI Money Transfer

Step 3: Here, click on the option "To UPI Apps"

Step 4: You can enter the mobile number of the person you want to transfer the money to. If the number is registered on UPI, the page will load to the next step

Step 5: Now enter the amount you wish to transfer and select "Pay Now". Your money will be transferred to the non-Paytm account

Will It Boost Paytm's Popularity?

Paytm's latest move aims to benefit from the interoperability across all UPI-based apps. "This further strengthens our mission to drive financial inclusion in the country," a Paytm Payments Bank Limited spokesperson said in a statement.

The National Payments Corporation of India (NPCI) has enabled all payment service providers to access the universal database, allowing them to make UPI payments interoperable. Presently, Paytm is one of the top digital payment apps along with PhonePe, Google Pay, Amazon Pay, and WhatsApp Pay.

Since Paytm was a closed network, several users preferred other UPI apps. Since Paytm Payments Bank has now opened its platform to non-Paytm users, its popularity might spike. Paytm claims to have registered over 1,614 million transactions according to the latest report by NPCI. This number might spike in the coming days.