Digital payment platform Paytm on Tuesday, November 7, introduced BHIM UPI on its platform with an aim to broaden its user base and expand its services in the country. BHIM UPI app integration will not only allow the users to send and receive payments across all banks without any delay and without using an IFSC code, but it would also enable them to transfer money back to a bank account without any transaction fee.
Users will now be able to link multiple bank accounts with their Paytm BHIM UPI. In terms of the transaction limit, users will be able to transfer up to Rs 1 lakh a day using the BHIM UPI. However, no limit has been set on receiving.
Here’s what Paytm wrote while making the announcement:
Introducing BHIM UPI on Paytm. Connect your Bank Account on Paytm App and get your Paytm BHIM UPI Address. https://t.co/at6BaNfHCO
— Paytm (@Paytm) November 7, 2017
Paytm users will now be allowed to send and receive money over BHIM UPI from within the app. Additionally, users will also be allowed to create a new BHIM account from within the app making digital transactions on Paytm hassle-free.
How to use BHIM UPI on Paytm?
Using BHIM UPI in your Paytm app is fairly simple. All you need to do is install the latest version of the app on your smartphone and follow these simple steps.
However, it should be noted that the feature is live only on the Android app and it would be available for iOS app soon.
Step 1: Tap on the BHIM UPI option in your Paytm app.
Step 2: Select the name of the bank you want to link it with.
Step 3: Once you select your bank, it would then verify if your bank account is linked to your registered mobile number
Step 4: Once your contact number has been verified, you will be asked to set m-PIN.
Step 5: Set your m-PIN and you are ready to go.
Can I change my Paytm BHIM UPI?
Your Paytm BHIM UPI will be your mobile-number@paytm by default. “If your registered mobile number is 9123456789, your Paytm BHIM UPI ID will be 9123456789@paytm,” Paytm wrote.
However, you will be able to change this ID by clicking on your auto-generated UPI ID and replacing it with your custom ID. Eg: You can change 9123456789@paytm to JohnDoe@paytm.