Mumbai: In a major knockout to its rivals, mobile wallet major Paytm on Tuesday integrated the BHIM UPI on its platform with a view to expand payment options for its customers.
The Reserve Bank of India (RBI) had earlier directed companies to make KYC-based prepaid payment instruments (PPIs) such as mobile wallets interoperable within the next six months.
“We are welcoming BHIM UPI on our platform. We aim to be the country’s largest issuer and acquirer of UPI, and establish the most comprehensive payments system in the country,” said Paytm on its blog on Tuesday.
You can link Multiple Bank Accounts to a Paytm BHIM UPI ID of your choice.https://t.co/GkJVclnaC0
— Paytm (@Paytm) November 7, 2017
With BHIM UPI on the platform, Paytm users can now make seamless and instant money transfers directly between two bank accounts, without having to add beneficiary. One does not need bank details or IFSC code to receive the money as well.
“Now Paytm merchants can link their multiple existing bank accounts with Paytm BHIM UPI ID and accept money in whichever account they wish. As per the National Payments Corporation of India (NPCI) guidelines, users can send up to Rs 1 lakh a day using BHIM UPI; while there’s no receiving limit,” said the blog.
Paytm BHIM UP is currently available in the Paytm Android app and will soon be available on iOS.
Paytm is now at par with its rivals such as Flipkart-owned PhonePe and Google's Tez app, both of who have integrated UPI on their platforms.