Paytm makes a fast move, integrates BHIM on its platform

Paytm

PaytmFor providing a swift and hassle-free payment option to its users, Paytm has now integrated Bharat Interface for Money (BHIM) to its platform.

This service will assist the users to create their own Paytm BHIM Unified Payment Interface (UPI) ID on the app, issued by Paytm Payments Bank.

The development comes in wake of the guidelines issued by the Reserve Bank of India (RBI) to the financial companies to initiate the Know-your-customer (KYC) compliant prepaid payment instruments (PPIs) such as mobile wallets to allow interoperability within the next six months.

Interoperability will be permitted only for those wallets that are compliant with KYC norms.

Integration with BHIM will assist in reduction of transaction time between two accounts. As of now, mobile wallets lack interoperability and allow fund transfer only within the sane wallet operator. This initiative will provide a broader digital platform to the Paytm wallet users.

This rapid move by Paytm is expected to ensure greater edge to the brand over the rivals. Paytm has over 200 million existing users.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.