Mobile payments platform Paytm on 6 November 2017 introduced payments using BHIM UPI (Unified Payments Interface) on its platform.
The BHIM UPI platform allows users to create their own Paytm BHIM UPI ID on the app and link any of their savings bank account with this unique ID and begin with sending and accepting money.
Highlights of Paytm BHIM UPI
• The Paytm BHIM UPI ID will be issued by Paytm payments bank.
• Paytm BHIM UPI IDs will be accepted across all banks and BHIM UPI apps.
• With Paytm BHIM UPI, one can now make instant money transfers directly between two bank accounts without adding beneficiary.
• One would also not require the bank details or IFSC code to receive money through Paytm BHIM UPI.
• As per the guidelines of National Payments Corporation of India (NPCI), users can send up to Rs 1 lakh in a single day using BHIM UPI. However, there is no receiving limit.
• Paytm BHIM UPI is currently available in Paytm Android app and will soon be available on iOS as well.
BHIM UPI is a mobile payment mode that allows one to create a UPI address linked to a bank account and then send or receive money using it. Moreover, one can also make payments to online merchants and outlets who accept BHIM UPI as a payment mode for transactions.