The new service is expected to go live in August 2017, making the company the latest financial institution to join the UPI, an-Indian based payments network, which currently has 50 active banks.
The integration will allow clients to create UPI IDs on Paytm’s platform, which will enable them access to transfer money to each other, and for merchant payments. Furthermore, the company, which has 225 million clients, plans to expand with 31 new branches and 3,000 customer service points.
The transaction volume and frequency on the UPI have seen a large increase since the network was first established in August 2016. Reports suggest that UPI transactions have grown 100 times since launch.
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