How to link your bank account on Paytm app to get a new UPI ID

Paytm partners with Axis Bank, YES Bank, SBI and HDFC Bank as a payment service provider (PSP) through UPI

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The National Payments Corporation of India (NPCI) has allowed Paytm to take in new Unified Payments Interface (UPI) users after following guidelines, according to the fintech company.

 

The NPCI said it had received a letter from One97 Communications, which operates Paytm, dated August 1, 2024. In this letter, One97 requested approval to resume “onboarding” new UPI users on the Paytm app, a process that had been halted in compliance with regulatory directives on January 31 and February 16.

 

Customers can link their bank accounts to Paytm’s app and generate new UPI IDs. To facilitate this, Paytm has partnered with several banks, including State Bank of India, HDFC Bank, Axis Bank and YES Bank, as announced in a company press release.

 

How to create your UPI ID on Paytm

 

Open Paytm and verify mobile number

 

Launch the Paytm app, enter your mobile number, and verify it using the OTP sent to your number.

 

Link your bank account

 

Select the option to link your bank account for Paytm UPI. This step enables easy transactions.

 

Choose primary bank account

 

Pick your preferred bank account from the list as the primary one for UPI.

 

Your UPI ID is now active. Use formats like @pthdfc, @ptaxis, @ptsbi, or @ptyes to send or receive money instantly.

 

Paytm is also required to comply with all applicable laws and regulatory guidelines, including the Payments and Settlement Act of 2007, the Information Technology Act of 2000, the Digital Personal Data Protection Act of 2023, and the NPCI's 2018 circular regarding the storage of payment system data.