Paytm Payments Bank Limited (PPBL) has announced that users on the Paytm app will now be able to do UPI transactions on any mobile number on all UPI payments apps, even if the payee is not registered with Paytm. Users of Paytm app can send and receive money to any mobile number with UPI ID registered in the payment app. National Payments Corporation of India (NPCI) has enabled all payment service providers to access its universal database and make UPI payments interoperable.
According to the latest report of NPCI, Beneficiary Bank as PPBL has registered over 1,614 million transactions and as a remitting bank, it has registered over 362 million transactions in October 2022.
How to send money to other UPI apps:
1. inUPI Money TransferIn the Paytm app section, tap on ‘Two UPI Apps’
2. Tap on ‘Enter mobile number of any UPI app’ and enter the mobile number of the recipient
3. Enter the amount and tap ‘Pay Now’ for instant transfer of money
A Paytm Payments Bank Ltd spokesperson said, “This is an important step for the UPI ecosystem, as it will enable more users to send money on any UPI app, thereby encouraging wider adoption. We continue to pioneer UPI payments, empowering users with a robust infrastructure for seamless and secure payments. This further strengthens our mission of promoting financial inclusion in the country.”
Paytm Payments Bank claims to be the leader in terms of UPI transaction volume as the largest beneficiary bank. The company claims that over 1,614 million transactions were done by it in October 2022.