Paytm is integrating with IndiaStack for UPI and digital lockers

By : |December 9, 2016 0

In a bid to offer improved experience to its customers and merchants, Paytm will be integrating its digital payments services with an open-stack platform- IndiaStack that offers technology infrastructure for the UPI, e-sign, digital lockers and electronic customer verification.

“We will leverage the power of India Stack starting from Aadhar to UPI to DigiLocker in our upcoming Payments Bank. This will allow us to offer cost-effective services to Indians and bring us closer to our goal of bringing half a billion Indians to the mainstream economy,” said Founder and CEO Paytm, Vijay Shekhar Sharma.

UPI integration will go live once the Paytm payments bank becomes operational, since the virtual payment addresses will be assigned through it.

“Any bank customer can scan the Paytm QR code and pay using UPI. The money will be taken from the bank account and not the Paytm wallet,” Sharma said. “We could have launched it with a partner bank, but we want to issue our own consumer addresses from our bank. We want to become the universal payment layer on every bank account,” he added.

FreeCharge and MobiKwik already have integrated their platforms with UPI in partnership with banks.
Sharma said Paytm plans to become an e-sign issuing authority as well as an Aadhaar registration agency. Paytm has been the biggest beneficiary of demonetization so far with over a million offline merchants across India accepting Paytm as their preferred payment mode.

Besides grocery shops, restaurants, coffee shops, multiplexes etc, Paytm can also be used to pay for recharges and bill payments, utility payments, and travel bookings.

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