Paytm Pay­ments Bank to en­able UPI

Banking Frontiers - - Pb & Sfb -

Paytm Pay­ments Bank said it will go live on UPI by Au­gust. This will al­low the bank’s cus­tomers to trans­act us­ing a vir­tual pay­ment ad­dress is­sued by the bank. The pay­ments bank will be the lat­est to join the UPI sys­tem, with 50 banks al­ready live on the plat­form. Renu Satti, CEO of the bank said, the bank will soon en­able seam­less creation of UPI IDs on its plat­form so that users can send and re­ceive money to each other, and for mer­chant pay­ments. The bank will al­low its cus­tomers to cre­ate a unique UPI ac­count though which they can send and re­ceive money. Through the new IDs, mer­chants will also be able to ac­cept pay­ments over UPI.

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