In line with the government’s initiative to build digital payments in the country, Paytm Payments Bank is all set to adopt Unified Payments Interface (UPI) by August.
This will enable consumers and merchants to transact with ease on its banking platform by using a virtual payment address issued by the bank. With 50 banks already live on the platform, Paytm Payments Bank will be the latest one to join the UPI bandwagon.
Commenting on the development, Renu Satti, CEO, Paytm Payments Bank, said “ We will soon enable the seamless creation of UPI IDs on our platform so that users can send and receive money to 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 services to every Indian. Our significant consumer base makes us well-positioned to become a large issuer of UPI handles, driving its adoption in the country.”
Launched in May 2017, Payments Bank is all set to open 31 branches and 3,000 customer service points in a year. The recently launched bank with zero charges on online transactions and no minimum balance requirement has been designed to help achieve financial inclusion and bring half a billion Indians into the mainstream economy.
Run and operated by One97 Communications, Paytm founder and CEO, Vijay Shekhar Sharma owns a majority stake in the company, with the remaining share owned by One97 Communications Pvt Ltd.
The Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to hundreds of millions of unserved or underserved consumers across India.
Paytm Payments Bank is aiming to replicate the success in the banking sector and further drive the adoption of digital transactions.