Last weekend, Paytm introduced a new feature called ‘Inbox’ that allowed its users to send and request money while chatting. Now today, Paytm has announced the integration of BHIM UPI on its platform.
With the integration of BHIM UPI on Paytm, users can now use the app to transfer money directly between bank accounts. To get started, users will first have to create their Paytm BHIM UPI ID on the app, which by default will be their registered mobile number on Paytm (mobile-number@paytm).
However, users can also edit their Paytm BHIM UPI ID if they want. Once done, tap on the ‘BHIM UPI’ option on the home screen of the Paytm app and select your savings bank account. After that, your bank will verify your number. Once verified, you can set the M-PIN (required for transactions) and can start sending and receiving money on Paytm via BHIM UPI.
“With Paytm BHIM UPI, you can now make seamless and instant money transfers directly between two bank accounts, with no waiting time to add beneficiary. You would not need your bank details or IFSC code to receive money as well.” said Paytm in a blog post.
If you are a Paytm merchant, you can link your multiple bank accounts with Paytm BHIM UPI ID in order to accept money. Moreover, there’s no limit to the amount of money which can be received, however, the maximum amount that can be sent is ₹1 Lakh a day.
The Paytm BHIM UPI is available to Android users through beta within the Paytm app. It will be available soon to iOS users as well.
