tech2 News StaffNov 07, 2017 23:24:21 IST
Paytm has introduced the BHIM UPI payment system for payments on its mobile app. UPI (Unified Payment Interface) is a mobile payment mechanism which enables you to transfer money between two bank accounts using a UPI ID.
The process requires you to create your own Paytm BHIM UPI ID on the app, which, by default, will be your mobile-number@paytm. You can then link any of your savings bank accounts to this Paytm BHIM UPI ID and begin transactions.
To get started, open your Paytm app and tap on the BHIM UPI icon on the top. Then select your Bank Account to proceed after which the bank will verify your phone number. Create a secure M-Pin to authenticate transactions and you can begin conducting transactions.
Paytm BHIM UPI removes the time-consuming process of adding beneficiaries to begin transactions and also removes the necessity of sending your IFSC code and bank account number of anyone who wants to send you the money. Users can link multiple accounts to their BHIM UPI ID and also accept money in any account they wish. National guidelines dictate that only Rs 1 Lakh rupees are allowed to be sent in a day, however, there is no limit on receiving money.
Paytm's Android app currently packs a beta version of the feature and iOS will soon receive the feature.
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