UPI is a government platform launched in April 2016 by National Payments Corporation of India (NPCI), aimed to make bank to bank transactions an easy affair, and by integrating the support, Paytm looks to make its ecosystem as user-friendly as possible.
UPI payments system was launched in August 2016, and is interoperable between banks. It allows users to send and receive money by just using a unique UPI ID, eliminating the need to fill IFSC code, account details, etc.
Users can now add money to their Paytm wallets using their unique UPI ID. When adding money, a new option called UPI now shows up on the Paytm app, alongside netbanking, debit card, and credit card options. Once they enter their UPI ID on the payment page, a collect-money request is sent to their UPI-enabled apps on their smartphone.
After they accept the payment request and enter their pin code for UPI transactions, the transaction is complete, and the money is instantly added to the Paytm wallet.
The Paypers. All rights reserved. No part of this site can be reproduced
without explicit permission of The Paypers(V2.3).