Paytm goes live with onboarding of new users for UPI; link your bank account on Paytm app to get a new UPI ID, for super fast payments

One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services distribution company and the pioneer of QR, Soundbox and mobile payments, has gone live with the onboarding of new UPI users on the Paytm app. This comes after the Company received approval from the National Payments Corporation of India (NPCI) on October 22, to onboard new UPI users.

Paytm spokesperson said, “As the pioneers of mobile payments in India and a homegrown champion, we remain committed to investing in payments. We see a tremendous opportunity on the consumer side with UPI, and are dedicated to bringing the best in innovation for users.”

With this, users will be able to create new UPI IDs on the Paytm app, by seamlessly linking their bank account(s) to the Paytm app for super fast payments. The Company offers this in partnership with leading banks, including SBI, HDFC Bank, Axis Bank, and Yes Bank.

Here’s a step-by-step guide on how to create your UPI ID on Paytm and start enjoying hassle-free, secure payments.

1.Enter Mobile Number

Open the Paytm app and enter your mobile number to get started. Verify it using the OTP sent to your number.

2. Link Your Bank Account

Select the option to link your bank account to activate Paytm UPI. This will enable you to send and receive money seamlessly.

3. Choose Your Primary Bank Account

From the list of linked bank accounts, choose the one you want to use as your primary account for UPI transactions.

4. You’re Done

Once you’ve selected your bank account, your UPI ID is created. You can now use your UPI ID to send or receive money instantly through Paytm. Your UPI ID will be created with one of the following: @pthdfc, @ptaxis, @ptsbi, or @ptyes.

On the Paytm app, users can seamlessly make payments to any merchant or individual, facilitating Peer-to-Peer (P2P) transfers between bank accounts and other UPI apps, thereby enabling interoperability. Additionally, Paytm offers UPI Lite for small transactions under ₹2,000 daily, ensuring uncluttered bank statements. Users can also link their RuPay Credit Card with UPI and utilize the auto-pay feature for effortless bill payments. Moreover, they can check their bank account balances and make self-account transfers with ease.

As the pioneer in mobile payments, Paytm continues to innovate with its revolutionary Paytm soundbox, card machines, and various other solutions tailored for merchant payments, reinforcing its commitment to enhancing the payment experience for everyone.