Receivers previously had to have a Unified Payments Interface (UPI) ID registered on the Paytm app in order to receive mobile money transfers. Through all UPI payment apps, Paytm now enables its users to send money via UPI transactions to any mobile number. Paytm customers can transfer UPI payments to any UPI-registered cellphone number, even if the recipient doesn't have a Paytm account, according to a statement made by the provider of digital payment services. People will be encouraged to switch to UPI by this new Paytm function, which allows for quick money transfers using the Paytm app. Therefore, the recipient can get the funds via Paytm UPI transfer if they have a registered UPI ID on Gpay, Amazon Pay, PhonePe, or any other payment app.
As more users will be able to send money to any UPI app, promoting further adoption, Paytm Payments Bank Limited stated in its official statement that this is a significant move for the UPI ecosystem. The business continues to be a pioneer in UPI payments, providing users with a solid infrastructure for quick and secure transactions. This supports companies' efforts to promote financial inclusion throughout the nation.
Sending Money to Other UPI Apps Using Paytm
Paytm may be used to send money to any UPI-registered cellphone number: Open Paytm and select "UPI Money Transfer." Click "To UPI Apps" under the UPI section. Now input the mobile number to which you wish to send money. Any third-party app, such as Gpay or PhonePe, should have a valid UPI id for the receipt. When finished, hit "Pay Now" after entering the transfer amount. Next, enter your MPIN to confirm the transaction. Your funds will be quickly transferred to the recipient's bank account.
The QR code of the recipient can be scanned as an additional method of sending money through UPI. On the Paytm app, click "Pay" and then "QR code" to send money via a QR code. Enter the desired payment amount and scan the receiver's QR code. Your payment transfer will now be processed after you input your PIN.
