- The move will empower Paytm users with seamless money transfers to any mobile number.
- The recipient does not need to hold any Paytm account for receiving money.
- Paytm Payments Bank leads UPI transactions as the largest beneficiary bank for 17 months in a row.
With several new advancements, including Unified Payments Interface (UPI), transferring money from one account to another has become a matter of seconds. Now, to make it make more user-friendly, homegrown Paytm Payments Bank Limited has come up with a new initiative that will allow users to transfer money through UPI to any mobile number registered with third-party UPI apps, even if the recipient is not registered with Paytm.
The move will empower users to benefit from interoperability across all UPI-based payment apps, ensuring a superfast and seamless payment experience.
“This is an important move for the UPI ecosystem, as it will enable more users to send money to any UPI app, encouraging wider adoption. We continue to lead UPI payments, empowering users with a robust infrastructure for seamless and secure payments. This further strengthens our mission to drive financial inclusion in the country,” Paytm Payments Bank Limited Spokesperson, said in a statement.
How can you send money to other UPI apps using Paytm
- To begin, you must open Paytm and tap on ‘UPI Money Transfer’.
- In the ‘UPI Money Transfer’ section of the Paytm app, tap on ‘To UPI Apps’.
- Now, you will have to tap on ‘Enter Mobile No. of any UPI app’ and enter the mobile number of the recipient.
- You will then find the payment page where you will have to enter the amount and tap on ‘Pay Now’ for an instant transfer of money.
According to Paytm, the National Payments Corporation of India (NPCI) has enabled all payment service providers to access its universal database and make UPI payments interoperable.
Paytm Payments Bank Ltd (PPBL) continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank, PPBL has registered over 1,614 million transactions. As a remitter bank, it registered more than 362 million transactions in October 2022.