Paytm, the online payments company has yet again added another feature to its app. The new feature will now support United Payments Interface as well. UPI was launched earlier by National Payments Corporation of India (NPCI) and is entirely a government owned platform which aims to make digital bank transactions easier.
However, by integrating the support Paytm is going to make its ecosystem more user-friendly.
Commentating on the integration Nitin Misra, Senior Vice President, Paytm said that the company has implemented a deep integration between its payment system and UPI. And, this will not only help customers add money into their Paytm Wallets, but the integration will also act as a strong foundation for the company's upcoming Payments Bank. Going forward, Paytm will continue to leverage various India Stack features to bring innovative and cost-effective services to all Indians.
On the other hand, the integration of Paytm with UPI will help users to transfer money into their Paytm wallets more easily. Users will now be able to add money by using their unique UPI ID.
So when users open the Paytm app and when they head over to Add Money section, they will be able to see a new option called UPI alongside net banking, debit card, and credit card options.
If the users opt for UPI, then they need to enter their UPI ID on the payment page. Once they do that, a collect-money request will be sent to their UPI-enabled apps on their smartphone. After that, once they accept the payment request and enter their pin code for UPI transactions, the transaction will be complete. The money will be instantly added to their Paytm wallet.