Paytm Becomes India’s Largest UPI Transactions Platform!
The total transaction volume rose to 51 million in January and has now touched 68 million in the last month.
With the KYC deadline passed, the digital wallets in India are now facing an uphill task to retain users. As per a recent report, 8 out of 10 mobile wallet users are using a mobile wallet without completing the KYC process. On the other hand, digital payment transactions are estimated to be worth Rs 12,568 crore in the country at the moment, and Paytm has been a major contributor.
UPI has played a major role in making money transfers simple and easy. The recent integration of UPI into Paytm Wallet has worked wonders for both UPI and Paytm. Previously, the Flipkart-owned PhonePe had the major share in UPI transactions, and later Google claimed its payments platform Tez was the largest contributor to UPI transactions. But now with the Paytm-UPI integration, country’s largest digital payments company has taken the lead.
Paytm & UPI
The total transaction volume rose to 51 million in January and has now touched 68 million in the last month. Paytm, in just within two months of the full rollout of UPI-based payments in its app, has overtaken Flipkart’s PhonePe, Google Tez and government’s BHIM app.
Paytm now supports all UPI payments and has driven the overall growth in UPI transactions over the past two months to take the first spot.
This rapid growth of UPI transactions on Paytm has been possible due to its vast user base, wide acceptability and multiple functionalities. Paytm has launched its own UPI IDs called Paytm UPI IDs. The Paytm UPI IDs are accepted across all the banks and BHIM UPI. Being the largest mobile payments ecosystem in the country, Paytm has successfully used UPI to make money transfers simple and more convenient.
Paytm’s Physical ATM-cum-Debit Card
Paytm initially launched its Virtual Debit Card with Paytm Payments Bank, which can be used like any other debit or credit card, but is only limited to online transactions. The virtual debit card has all the required details such as the name of the account holder, 16 digit card number, expiry date and CVV.
But now, Paytm has launched its own physical ATM-cum-Debit card. Users can now order a physical debit card of their own.
Firstly, you need to have a Paytm Payments Bank account to get a physical debit card. If you are already an account holder, you can follow the steps to order a Paytm ATM-cum-Debit card of your own;
Update the Paytm app to the recent version (6.6.1). Open the app, and tap on the ‘Bank’ icon on the bottom, at the right corner.
On the Bank page, you will have your virtual debit card, Savings Account details and more. Now scroll down, and you will get to see the Debit & ATM Card option. Once you tap on it, you will see a “Request For Card” option
After clicking on “Request For Card”, you will see a page with your card details. You need to fill in the delivery address and tap on “Proceed to Pay Rs. 120“.
Paytm will deliver the physical debit card to your address in a few days time. After you receive the card, you need to scan the QR code on your card from the Paytm app.
Paytm will fetch all the details from the QR code. To activate the card, you need to go to Debit & ATM Card option again and click on “Activate Your Card” and create a PIN number.
Paytm ATM-cum-Debit Card – Uses & Charges
You can use the Rupay powered Paytm ATM-cum-Debit Card like a regular debit card, starting from withdrawing money from ATM to paying at any POS. The Paytm ATM-cum-Debit card can do everything a normal Debit card does.
For now, cash can be withdrawn from any bank’s ATM in any of the metro cities (Mumbai, New Delhi, Chennai, Bengaluru, Kolkata and Hyderabad). The first three withdrawals in a month are free, while for the additional transactions, users will be charged Rs 20/- per transaction and Rs 5/- per Mini Statement, Balance Check or PIN Change.
Amidst the KYC struggle, the Alibaba-SoftBank backed company has planned a $500 million investment for KYC operations. Paytm will set up KYC centres across the country to complete KYC for customers and make them eligible for a Paytm Payments Bank account.