Make or Receive Payment using UPI on Paytm

When it comes to digital payment, UPI is one of the safest, most innovative, and fastest-growing technologies. UPI, which stands for Unified Payment Interface, allows real-time transfer of funds from one bank to another. With the ease of the UPI facility, direct bank to bank transfers and merchant payments have become easier like never before. You can make UPI payments through mobile numbers, UPI IDs (also known as VPA-Virtual Payment Address), IFSCs, or QR codes.

How to do UPI Payments on Paytm?

Paytm UPI payments are a swift and secure way for direct bank to bank transactions. Users need to link their bank account with the Paytm app in order to carry out UPI Payments. After doing so, users need to follow these guidelines to send or receive money using UPI on Paytm-

Send Money using UPI on Paytm

Firstly, it is important to note that you can make money transfers through UPI using either of the following ways-

Selecting a Contact/Entering Mobile number – Sending money is as simple as sending a message. Just select a phonebook contact or enter a mobile number, specify the amount and enter your PIN. That’s it. Your payment will be completed in a few seconds.
Scanning a UPI QR code – You can also send money through UPI by scanning the receiver’s QR code. All you need to do is open the Paytm mobile payment application on your phone, click on ‘Pay’, and select ‘QR code’. Scan the QR code of the receiver and enter the amount to be paid. Now enter your PIN and your payment will be completed in a few seconds.
Entering UPI ID – To send money through UPI ID, all you need to do so is open the mobile payment application, and enter the receiver’s UPI ID. After this, you need to enter the amount that needs to be transferred and verify the transaction by entering your MPIN. Your transaction will be completed in a few seconds.
Entering Account Number & IFSC – This is the traditional way of payments and it is also supported on UPI. You may enter the account number & IFSC of the person you want to send money to, specify the amount and enter your PIN. Your payment will be completed in a few seconds.

While any of the above methods can be used to send money through UPI, sending through the mobile number is the easiest. Explained below are the steps to do so-

Open the Paytm mobile payment application that supports UPI transactions in your mobile phone
Log in to the application using your credentials
Click on the ‘To Mobile’ option on the home screen of the Paytm app (You can also scan a QR code, enter the receiver’s UPI ID to send money)
Enter the mobile number or select the receiver’s contact from your phone’s contact list
Click on ‘Pay’ and enter the total amount to be transferred
Select the bank account from which you want to send the money
Enter your security PIN to confirm the transaction and click on ‘Confirm’
The entered amount will now be deducted from your bank account and will be credited to the receiver’s account
You will receive a receipt of the transaction on your mobile application

Benefits of UPI Payments through Paytm

Apart from offering a fast, safe, and easy UPI payment process, Paytm offers the following benefits on UPI payments and transactions-

Paytm allows UPI payments to various payment service providers and third-party applications such as Swiggy, Goibibo, Nykaa, etc. You can scan QR codes not only of Paytm but also of other apps
You can make payment to any UPI ID irrespective of whether the receiver is a Paytm user or not
You can always check the transaction history in your Passbook to take a look at your previous transactions
‘Request Money’ feature allows you to remind the sender to make the payment
You earn cashback or discount offers with UPI transactions on the Paytm app
Paytm offers 24×7 assistance to its users
All the UPI transactions on the Paytm app are absolutely free of cost
Paytm has two-factor authentication and end-to-end encryption that makes UPI payments safer
It is very useful for retail owners, e-commerce merchants, and other business persons to have quick and seamless payments. Paytm business app users can have their QR codes for direct deposit of money in their accounts
Paytm also offers a sound box that instantly confirms the payments that the merchants receive. It is available in multi-languages and supports multiple modes of payments

Wrapping it up:

Paytm UPI Payment application has made it absolutely easier for users to make or receive payments using UPI. In a few clicks, you can send money to any UPI user either by simply entering their mobile number, scanning a QR code, or through their UPI ID. It is equally easier to request money through UPI on the Paytm app from a sender. Paytm ensures the safety of all your transactions and makes UPI payment a seamless experience for all its users.

FAQs

How are UPI payments instant?

UPI payments are instant as they use IMPS (Immediate Payment Service) to transfer money from one account to another.

What is the transaction limit of UPI Payments on Paytm?

The transaction limit of UPI Payments is up to a maximum of Rs. 1 Lakh per account, per day.

Can I do UPI Payments to foreign accounts?

No, as of now you cannot do UPI payments to foreign accounts. You can perform UPI transactions only through Indian banks (payment service providers).

Is it safe to share a UPI ID or can someone get my bank details?

It is absolutely safe to share your UPI ID as one cannot access your bank details with it but it is a unique virtual address for payment. However, the Paytm UPI application does not even need you to share your UPI ID. The sender can simply enter your contact number to make the payment through UPI.