Paytm Payments Bank to enable UPI
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.