Popular Wallet App Paytm has added BHIM support to its Payment Bank Service, allowing users to set up a UPI address to send and receive money.Paytm says that it”aims to be the largest issuer and acquirer of UPI” and its account has been given a great user base and simplicity, it seems to be achievable.
How to use Paytm UPI feature?
It is very easy to use the UTI in the Paytm app – Tap the BHIM UPI icon on the app’s homepage and select your bank. The app will then ask you to verify your mobile number linked to the associated bank account. Once verified, you do not already exist, you can verify or set up an UPI PIN.
By default, Paytm allots a mobile-number@paytm UPI address, but if you want, you can also set up a custom UPI address. Paytm lets you setup up to 2 UPI addresses at any time.
At the moment, the Paytm UPI facility is available only in the beta version of the Paytm android app, but the company says it will be available on iOS soon.
What is BHIM UPI?
BHIM UPI is a government mandatory payment platform that aims to simplify the process of sending and receiving payment.Rather than relying on comparatively complex and slow payment systems like NEFT, UPI makes the whole process simpler and fasterTo transfer money, you only need the receiver’s UPI address, which can be as simple as name@bank – you need to bother about the receiver’s name, bank name, account number or IFS code.
Apart from this, there is no waiting time with the UPI, and there are a lot of payment app with UPI support, the whole system is more smartphone-friendly