Paytm has been busy rolling out a slew of features and updates post demonetization to lure people into using digital wallets. It already allows you to add money via credit cards, debit cards, and net banking. Today, it has announced that it has added support for payments using Unified Payments Interface (UPI). This will enable the users to transfer the money into their accounts with ease.
UPI, launched in August, is a payment system which lets you transfer money between any two bank accounts using a smartphone. It facilitates sending and receiving money using a unique UPI ID hence saving the cumbersome task of filling up account details, IFSC code, etc. It makes the process easy and, the government claims it to be as simple and quick as sending a text message. Nitin Misra, Senior Vice President, Paytm, said,
We have implemented a deep integration between our payment system and UPI. This will not only help customers add money into their Paytm Wallets, but also act as a strong foundation for our upcoming Payments Bank.
He added that the team will continue to leverage various India Stack features to bring innovative and cost-effective services. Last month, it revealed plans of having a deep integration with India Stack to leverage the platform’s open-stack technology for its upcoming payments bank.
How to add money via UPI
The option to add currency is currently only via the web interface. Login into the website using your credentials. Then, go to Paytm wallet on the top right corner, write the desired amount and click on add money to wallet button. You will be taken to the payment page where you need to select the method.
Then the payment page appears wherein you need to choose the method. The options including debit card, credit card, net banking, and the UPI appear on the left. Click on UPI, then the blank tab asks you enter the Virtual Payment Address (VPA).
Enter VPA, this will send the collect request on your UPI ID. Then, open your UPI app, enter your four digit UPI pin and look for the request. Two options, accept and reject, appear. Choosing the former will lead to the completion of the transaction, whereas rejecting will decline and the notification will be sent to Paytm. If you want to collect money from your friends and family, you can send a request to their ID too, making it easier to add money.
Clicking on accept will complete the transaction, whereas rejecting will decline and the notification will be sent to Paytm. You can also collect money from your friends and family, by sending a request to their ID, which makes it easier to carry out the transfer.