Another day, another new feature from Paytm. After announcing the Paytm Inbox messaging service, Paytm, the leading digital payments service in India has now integrated BHIM UPI to its application. With the BHIM UPI integration, Paytm aims to be the largest issuer and acquirer of UPI in the country.
You might be aware of BHIM UPI payment service, right? If not, here's a quick go through. With the BHIM UPI service, you can create a UPI ID of your own and link it with your savings bank account. Whenever someone looking to transfer money into your bank account, you can simply give them the UPI ID and the transfer will be done.
You can create your own Paytm BHIM UPI ID on the app, however, it will be mobile-number@paytm by default. You can link any of the Savings bank accounts with this unique Paytm BHIM UPI ID and start sending & accepting money. Paytm BHIM UPI IDs are being accepted across all banks and BHIM UPI apps.
With Paytm BHIM UPI, you can now make seamless and instant money transfers directly between two bank accounts, with no waiting time to add the beneficiary. You would not need your bank details or IFSC code to receive money as well, all you need is the UPI ID of the person to send the money.
Paytm merchants can link their multiple existing bank accounts with Paytm BHIM UPI ID and accept money in whichever account they wish. As per the National Payments Corporation of India (NPCI) guidelines, users can send up to Rs. 1 lakh a day using BHIM UPI; while there’s no receiving limit
As said earlier, by default, your UPI ID will be set as mobile-number@paytm, however, you can modify the UPI ID as per your wish. In addition, you can even link your Paytm BHIM UPI ID to multiple bank accounts, but you need to set a primary account for sending and receiving the money. That said, you're free to change your primary bank account whenever required.
Also, do make a note that you can't pay using UPI ID on Paytm Wallet because they both are different entities and functions entirely different.
Lastly, the Paytm BHIM UPI is currently available as a beta program within Paytm Android application, and that too for Android users. iOS users will get the feature very soon as per the company's blog post.
