BHIM UPI Integrated In Paytm App; Beating WhatsApp To The Market

 

India’s leading digital payments platform, Paytm, have announced the integration of BHIM UPI in their app’s interface. Now, users who have a BHIM ID, will be able to get the ID approved by Paytm Payments Bank (PPBL) for transacting through Paytm’s payment app.

To make accepting payments easy for merchants and sellers, the mobile wallet has integrated BHIM UPI into their platform.

Savings Bank Accounts Integration on Paytm

The latest Paytm update will now allow users to link their savings bank accounts with Paytm. With BHIM UPI, one can link their bank account to send and accept money. Users will get a unique Paytm BHIM UPI ID, which will now accepted by all the banks and BHIM UPI app.

BHIM UPI On Paytm: How Does It Work?

With the BHIM UPI on Paytm, users need to create a unique Paytm BHIM UPI ID.

• Step 1. The user will need to link their BHIM with their registered Paytm number to create BHIM UPI ID.
• Step 2. After creating the ID, they will need to link their registered bank account (Only UPI enabled banks can avail this service).
• Step 3. Paytm will confirm the bank account with an SMS sent to their linked phone number.
• Step 4. Finally, the user will have to create an M-PIN to start using UPI through Paytm.

Multiple Bank Accounts Support

With Paytm, users will be able to link multiple bank accounts with their UPI.  But they will need to set one bank account as a primary account. To access their BHIM on Paytm, the mobile number registered on Paytm should match with their number registered with their bank account, to authenticate their UPI account. They can check all their transactions done via BHIM in the Paytm Passbook available within the app.

Send Money Directly Via BHIM Through Paytm

Users can send money directly through their BHIM ID within the Paytm app without the need for any bank details or IFSC code. The person paying just needs to enter the unique UPI address to send the money directly to the receiver’s account. The UPI address can even be edited if required.

QR Code And UPI Payments On One Platform

The BHIM UPI allows direct payments and transfer across different bank accounts. Now with it’s integration, Paytm will now allow transfers within mobile wallets. This will allow Paytm users to transact with QR codes and UPI, both.

Expanding User Base

There are over 200 million users on Paytm right now. With the BHIM integration, Paytm will have an edge over Flipkart’s PhonePe and Google’s Tez, which already accept UPI enabled payments on their platforms.

Advantage For Sellers

Paytm will train their five million merchants and seller base to create their own UPI IDs to start accepting money using UPI. Sellers will get the flexibility of having multiple bank accounts on a single Paytm BHIM ID. They can accept money directly into their respective bank accounts. As per National Payments Corporation of India (NPCI), users will be able to send up to Rs. 1 lakh a day via BHIM UPI, while there is no limit for receiving money.

The Whatsapp Pay Effect?

WhatsApp is launching in-chat UPI based pay feature on their platform, in December. This will directly hit Paytm’s business, who has the largest share in India’s digital payments sector). Thus, integrating BHIM in their app is a smart move from Paytm.