Our associate Paytm Payments Bank today announced a slew of new launches for Paytm UPI. The Bank has become the first to go live with UPI Lite on iOS. The Bank also announced its latest features like RuPay Credit Card on UPI, Split Bill, pin favorite contact and chat with friends, set alternate UPI ID with Paytm app to hide mobile number, and more. In a social media livestream organised by the Bank, Vijay Shekhar Sharma, Founder and CEO, Paytm and Chairman of Paytm Payments Bank, Bhavesh Gupta, Board Member, Paytm Payments Bank, and Surinder Chawla, CEO, Paytm Payments Bank announced the new features.
Here’s the event link: Social Live on Next Gen UPI features
Paytm Payments Bank was the first payments bank to go live with UPI Lite on the Paytm Super App and has seen rapid adoption with about 60 lakh users.
With RuPay Credit Card on UPI, the Bank has enabled users to link their RuPay credit card to an UPI ID on the Paytm app. Users can then simply pay by scanning the UPI-enabled QR code via Paytm app, eliminating the need to carry cards all the time. Users don’t have to wait for OTP SMS, they can just pay with your UPI PIN.
Paytm UPI Lite enables lightning-fast UPI payments that never fail, even during peak transaction hours. Paytm UPI Lite is one of the biggest innovations that will propel UPI to the next level. Almost 60 lakh users today enjoy superfast payments with Paytm UPI Lite.
Paytm is the leader in merchant payments with its Soundbox, further taking UPI to every nook and corner of the country. Paytm is at the forefront of merchant payments in India, where it has seen the acceptance of UPI growing dramatically. There are 70 lakh small business merchants who use Paytm Soundbox. A total of 13 banks have gone live on UPI Lite till date. RuPay credit card on UPI is the most disruptive move after Wallet and UPI payments.
With RuPay Credit Card on UPI, users can pay with RuPay credit cards and also earn reward points. Users can also pin their favorite contacts or chat with their friends on Paytm app. Moreover, with the new Split Bill feature, users can create friend groups on Paytm and share the bill in any group. Users can also tag the payments made on Paytm, with which they can view all payments made under a certain tag anytime.
Recently the Bank had announced UPI interoperability, with which the Bank enables users to send and receive money instantly to any mobile number with a registered UPI ID across platforms using the Paytm app, further deepening Unified Payments Interface (UPI) interoperability and roots for the adoption of mobile payments. It empowers users to get the benefit of interoperability to all UPI-based payment apps, ensuring a superfast and seamless payments experience.
Paytm Payments Bank is the leader in UPI payments with the highest market share in merchant payments as the largest acquiring bank. It has remained the top UPI beneficiary bank for 22 months in a row, along with being one of the leading remitter banks.