Paytm Payments Bank, newly launched arm of Paytm, will get live on UPI (Unified payment interface) by the end of August.
Customers will be able to transact via UPI
The move will assist it’s customers to make payments and transactions through the virtual payment address that would be issued by the bank. Paytm’s Payment bank is the latest addition in the list of 50 banks that are already live on the platform.
UPI will be the important components
Renu Satti who is the CEO of Paytm said that, “We will soon enable seamless creation of UPI IDs on our platform so that users can send and receive money to each other, and for merchant payments. It will be one of the most important components of our payments platform and enable us to bring cost-efficient digital payment services to every Indian”.
Payment bank is to extend its reach
The Payments bank that was initiated last month is hoping to expand to 31 branches as well as 3,000 customer service points in the first year.
UPI is growing steadily
Since its launch, UPI transaction is growing steadily and acquired a 100 times of growth since it launch.
BHIM has largest share of UPI
BHIM app which is backed by the Government of India holds the largest number of transactions on the platform. Though PhonePe, backed by Flipkart, is giving it a good competition and is catching up with it. It accounts for 38% of overall transactions on the platform.
However Payment Bank which has Vijay Shekhar Sharma’s interest attached with it is expecting to gain large transaction on UPI with the help of its large customer database.
Paytm, largest payment ecosystem
Satti said that, “Paytm owns the country’s largest payment ecosystem with a vast loyal consumer base and more than 5 million offline mere factors will offer us the edge once chants. These factors will offer us the edge once we launch UPI on our platform”.
Sharma have majority of stakes
Sharma gets majority of the company’s stake whereas the remaining stakes are owned by One97 Communication, parent company of the Paytm. One97 and Sharma, both of them have put a sum of almost Rs 220 crore in the payments bank.