While Indian banks are gearing up to align their digital payment solutions under the umbrella of BHIM, Paytm has announced the integration of BHIM UPI on its platform today. The move, sources believe, is aimed at doubling the monthly user base of the digital wallet in the coming two years.
Currently being used by more than 280 Mn registered users, Paytm’s decision to allow payments via UPI will not only help widen its reach but also enhance its adoptability among Indian customers.
Confirming the development, Paytm founder Vijay Shekhar Sharma said, “We are now targeting 200 Mn monthly users in less than two years. UPI will also allow larger ticket size transactions.”
Sharma further stated that customers can now send as well as receive money via BHIM UPI within the Paytm app itself. As a result of the integration, existing BHIM users will also be allowed to link their accounts using BHIM API on the Paytm platform.
Furthermore, the One97 Communications-owned digital wallet will henceforth support the creation of new BHIM accounts.
The digital payments giant will also provide training to 5 Mn of its merchant partners on creating unique Paytm BHIM UPI IDs. In a bid to reach a wider set of customers, merchants on the platform will now be allowed to add multiple bank account using a single Paytm BHIM UPI ID.