Paytm to adopt UPI for its payments bank: How it will work

In line with the government’s initiative to build digital payments in the country, Paytm Payments Bank (PPB) is set to adopt Unified Payments Interface (UPI). This will enable consumers and merchants to transact with ease on its banking platform. 
 

PPB account holders will soon be able to send and receive money using a UPI ID (username@paytmbank). While, merchants across the online and offline space will be able to accept money from PPB users through UPI. 
 

“We will soon enable seamless creation of UPI IDs on our platform so that users can send and receive money to each other, and for merchant payments. It will be one of the most important components of our payments platform and enable us to bring cost-efficient digital payment services.

Our significant consumer base makes us well-positioned to become a large issuer of UPI handles, driving its adoption in the country,” said Renu Satti, chief executive officer,  Paytm Payments Bank.
 

PPB was recently launched with zero charges on online transactions and no minimum balance requirement.