Paytm Payments Bank to launch UPI based services by August

The newly launched Paytm Payments Bank is all set to make its official debut in the UPI-based services for its customers. Expected to go live by August, the service will allow users to transact using a virtual payment address issued by the bank(username@paytmbank).

Paytm's move to launch UPI services comes amid the growing popularity of UPI payments framework. Reports suggest that UPI transactions have increased 100 times since its launch. Customers can also receive and make payments using their Aadhaar numbers only.

"We will soon enable seemless creation of UPI IDs on our platform so that users can send or receive money from each other,and for merchant payments.It will be one of the most important components of our payments platform and enable us to bring cost-efficient digital payment service to every Indian," said Renu Satti, CEO of Paytm Payments Bank.

UPI transactions have grown steadily since it was launched in August last year. The Government owned BHIM app has the largest share in the UPI sector, closely followed by Flipkart owned PhonePe claiming to have nearly 38 percent of overall transactions. The government had also launched UPI-based merchant interface app BHIM-Aadhar in April.

Paytm claims to have country's largest active consumer base and close to 5 million offline merchants. Renu Satti believes these factors will offer them an edge once they roll out UPI services on their platform.