With Paytm, you can now send money to any other payment app directly using your mobile number. Paytm is the first app to offer this facility. Till now there were only four options for payment through the app. First – by scanning the QR code, second – by UPI ID. Third – between two users of the same platform by phone number and fourth – with the help of bank account details. Paytm is the third largest UPI payment app after PhonePe and GooglePay.
The scope of transactions through UPI is continuously increasing. A total of 730 crore transactions were done through UPI in October. A total of over Rs 12.11 lakh crore UPI transactions took place in October. There were 678 crore UPI transactions worth Rs 11.16 lakh crore in September.
With the launch of UPI in 2016, there was a revolution in the world of digital payments. UPI gave the facility to transfer money directly to the bank account. Earlier there was a trend of digital wallet. There is a hassle like KYC in the wallet, while nothing has to be done in UPI.
The operation of RTGS and NEFT payment systems in India is with the RBI. National Payment Corporation of India (NPCI) operates systems like IMPS, RuPay, UPI. The government mandated a zero-charge framework for UPI transactions from January 1, 2020.
The UPI system transfers funds in real time. Multiple bank accounts can be linked in one application.
To send money to someone, all you need is their mobile number, account number or UPI ID.
UPI has been developed on the model of IMPS. That's why you can do 24x7 banking through the UPI app.
Online shopping with UPI does not require OTP, CVV code, card number, expiry date.