Digital payment app Paytm has introduced BHIM United Payments Interface (UPI), the government’s mobile payment system for payments on its mobile app.
UPI is a mobile payment mechanism which enables one to transfer money between two bank accounts using a UPI ID.
The process to register on the BHIM UPI requires you to create your own Paytm BHIM UPI ID on the app, then link your savings bank accounts to this Paytm BHIM UPI ID and begin transactions.
Multiple accounts can be linked to BHIM UPI ID and users can also accept money in any account they wish.
UPI-based applications are becoming popular as a medium of money transaction as it removes the time-consuming process of adding beneficiaries to begin transactions and also removes the necessity of sending your Indian Financial System Code (IFSC) code and bank account number of anyone who wants to send you the money, which makes it a much faster method to transfer money than national electronic fund transfer (NEFT) or other traditional methods. Paytm’s Android app currently packs a beta version of the feature and iOS will soon receive the feature.
