The Paytm Payments Bank Limited (PPBL) announced that the users of the Paytm app can send UPI transactions to any mobile number across all UPI payment apps, regardless of whether or not the recipient was registered with Paytm.
Users with a valid UPI ID can now use the Paytm app to make instantaneous payments to other users of the app or to merchants outside of the Paytm ecosystem.
The compatibility of the Unified Payments Interface (UPI) is strengthened, and the groundwork is laid for the widespread use of mobile payments.
“This is an important move for the UPI ecosystem, as it will enable more users to send money to any UPI app, encouraging wider adoption. We continue to lead UPI payments, empowering users with a robust infrastructure for seamless and secure payments. This further strengthens our mission to drive financial inclusion in the country”, said the Paytm Payments Bank Limited Spokesperson.
This grants customers the freedom to take use of UPI’s interoperability across all payment apps, making for a lightning-quick and trouble-free monetary transactional experience.
Through its universal database, the National Payments Corporation of India (NPCI) has made UPI payments accessible to all payment service providers in India.
As the leading beneficiary bank and a top remitter bank, PPBL remains at the forefront of UPI transactions. In October 2022, PPBL registered over 362 million remittances and over 1,614 million as a beneficiary bank, per the most recent report by NPCI.