Paytm integrates BHIM UPI on its platform

By : |November 7, 2017 0

Paytm has finally integrated the BHIM UPI app on its platform. “We are now targeting 200 million monthly users in less than two years. UPI will also allow larger ticket size transactions,” said Vijay Shekhar Sharma, founder One97 Communications.

The development comes after the Reserve Bank of India (RBI) directed financial companies to make know-your-customer or KYC-compliant prepaid payment instruments (PPIs) such as mobile wallets inter-operable within the next six months. Inter-operability will be allowed only for those wallets which are compliant with KYC norms.

BHIM or Bharat Interface for Money is an application developed by the National Payments Corp. of India (NPCI) that allows direct funds transfer across different bank accounts. Mobile wallets, on the other hand, lack interoperability and allow fund transfers only within same wallet operator. This will enable a larger pool of Paytm users to transact digitally, the company said.

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This integration also allows existing BHIM users to link their accounts with the BHIM API (application program interface) on Paytm. Additionally, new BHIM accounts can also be created from within the Paytm app.

As per the National Payments Corporation of India (NPCI) guidelines, users can send up to Rs 1 lakh a day using BHIM UPI, while there’s no receiving limit. Paytm said it will be training its 5 million merchant partners to create Paytm BHIM UPI ID and accept money using the same. Merchants will also get the flexibility of adding multiple bank accounts with the single Paytm BHIM UPI ID.

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