The newly launched Paytm Payments Bank is now all set to launch UPI-based service for its customers. It is expected to go live by August this year.

This will allow a consumer as well as merchants to transact with ease on its banking platform by using a virtual payment address issued by the bank. With 50 banks already live on the platform, Paytm Payments Bank will be the latest one to join the UPI bandwagon.

Paytm Payments Bank to launch UPI-based service in August

Renu Satti, who has been recently appointed as the CEO of Paytm Payments Bank, said “We will soon enable the 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. Our significant consumer base makes us well-positioned to become a large issuer of UPI handles, driving its adoption in the country.”

Launched in last month, Paytm Payments bank is now ready to open 31 branches and 3,000 customer service points this year. The company facilitates online transactions with zero charges and there is no minimum balance requirement to maintain, which will further help achieve financial inclusion and bring half a billion Indians into the mainstream economy.

UPI was introduced in August last year and the volume of transactions have grown 100 times since its launch. Paytm Payments bank is expecting to leverage its large customer and merchant base to gain traction on UPI.

Run and operated by One97 Communications, Paytm founder and CEO, Vijay Shekhar Sharma owns a majority stake in the company, with the remaining share owned by One97 Communications Pvt Ltd.

The Paytm Payments Bank aims to build a new business model in the banking industry that is focused on bringing financial services to hundreds of millions of unserved or underserved consumers across India.