Paytm Payments Bank to go live on UPI by August

BENGALURU: The newly-launched Paytm Payments Bank will go live on the unified payment interface (UPI) by August. This will allow its customers to transact using a virtual payment address issued by the bank. The payments bank will be the latest to join the UPI bandwagon, with 50 banks already live on the platform. 

“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 to every Indian,“ Renu Satti, CEO of Paytm Payments Bank, said. 

The payments bank, which was launched last month, is set to expand to 31 branches and 3,000 customer service points in the first year. 

UPI transactions have grown steadily since it was launched in August last year. ET reported recently that volumes have grown a 100 times since its launch. The government-backed BHIM app has the largest share in terms of total volume of UPI transactions so far, although Flipkart-owned PhonePe is catching up, claiming to have a nearly 38% share of overall UPI transactions. 

However, the Vijay Shekhar Sharma-backed bank is expecting to leverage its large customer and merchant base to gain traction on UPI. 

Economic Times/India Times