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.