Indians Travelling Abroad Can Now Make UPI Payments Using Paytm

Indians travelling abroad can now make UPI payments using the Paytm app, as the fintech giant has rolled out ‘UPI International’ in select overseas markets.

Paytm users can avail of the new feature in countries, including UAE, Singapore, France, Mauritius, Bhutan and Nepal, among others, where UPI is already accepted, the company said in a statement.

Setting up UPI International on the Paytm app will require a one-time activation linked to the user’s bank account. When scanning a UPI-enabled QR code overseas, the app will prompt activation automatically ensuring easy access.

Indians heading to these popular tourist destinations can opt to activate the service for up to 90 days depending on the duration of their trip. 

Further, users can deactivate the service anytime, which would help prevent accidental transactions with foreign merchants once they are back in India.

“With the upcoming holiday season, we are sure that this launch will make foreign travel even more convenient for users. This expansion reflects our commitment to leveraging technology that empowers our users, wherever they are in the world,” a Paytm spokesperson said.

The development comes days after Paytm launched a feature that allows users to download their UPI transaction statements directly from the app. 

In a blog post earlier this month, the company said the feature is aimed at making it easier for users to track expenses, manage budgets, and prepare for tax filing.

The Vijay Shekhar Sharma-led company posted a consolidated profit after tax (PAT) of INR 930 Cr in the September quarter of the financial year 2024-25 (Q2 FY25) as against a loss of INR 292 Cr in the year-ago period. The company returned to the black in Q2 on the back of one-time substantial gain made on sale of its ticketing business to Zomato.

However, the fintech giant’s revenue from operations fell 34% year-on-year to INR 1,1660 Cr in the reported quarter from INR 2,519 Cr in the year-ago period.

Last month, the company also received approval from the National Payments Corporation of India (NPCI) to onboard new unified payments interface (UPI) users.

It is pertinent to note that Paytm saw its market share in terms of UPI transactions declining to 7% in October from 13% in January following the downturn triggered by the Reserve Bank of India on Paytm Payments Bank Limited. 

However, despite the restrictions, Paytm is the third largest processor of UPI payments in the country.

Paytm is among the few new-age stocks that are set to be included in NSE’s futures and option (F&O) segment, starting November 29.

The stock was trading almost 4% higher at INR 813.90 on the BSE at 1:28 PM today.