PayTM adds support for UPI payments

Customers of PayTM, India’s largest wallet service can now make payments using the Unified Payments Interface, the government of India’s open payments platform.

The company has signed up with ICICI Bank be able to receive payments from its customers who are on the UPI platform using its ID ‘paytm@icici’.

However, customers cannot simply transfer the money to the above ID and expect to see it in their wallet, as it has not mapped all its wallet IDs with their UPI addresses.

In other words, if a customer ‘rajesh@sbi’ sends Rs 100 to ‘paytm@icici’, the money will reach the company, but it won’t know which account to credit it to.

To overcome this problem, the Vijay Shekhar Sharma-promoted company is using a special feature in the Unified Payments Interface system — ‘asking’ for money.

In other words, to top up your wallet or make a payment, you have to enter your UPI ID on the payment page where you would normally have entered your credit card details.

Once you enter your ID, you will get a prompt on your smartphone (check its notifications) asking whether you want to pay Rs X to PayTM. If you click on ‘yes’, it will ask you for your 4 or 6 digit PIN used for UPI transactions.

TEMPORARY SOLUTION

This is a quick solution by the wallet company to integrate its services with the new platform.

The company’s long-term plan is to enter the new payment system as a full-fledged player with its IDs instead of depending on banks.

It has already got a payments banking license and will soon start banking operations. For the record, Airtel — which got its license at the same time as PayTM — has already got its banking operations off the ground.

Once Sharma’s outfit follows suit, customers of the wallet service will be able to get a more full fledged experience of the new platform.

WITHDRAWALS 

Once the payments bank license is rolled out, customers will be able to withdraw the money from their wallet accounts to their bank accounts without entering their bank details.

At present, to withdraw their funds for the first time, customers have to add their bank account details (though this has to be done only once.)

Secondly — and more importantly — you can only transfer money to another person who is using PayTM, and not to the others.

Once the Payments Bank license is in place, this too will be sorted out and you will be able to transfer money to others bank accounts using their UPI addresses — whether or not they use the wallet service or not.

According to estimates, the wallet service is about 3-4 times as popular as Unified Payments Interface in India at present, though that gap is reducing rapidly. Given the growth of the new platform, the gap may disappear in another 4-6 months as banks aggressively push their own apps.

However, if Sharma’s company rolls out its banking operations before that and offers interest on the money kept by people in their wallets, it may be able to stand its own ground against the increased competition.

Last week, the government of India has also entered the fray directly using its BHIM app.

The app leverages the Unified Interface and the customer’s existing bank account. The app is not much of a threat as it does not take money out of bank accounts, unlike PayTM, which takes money out of bank accounts and stores it in its internal system.


Siti to launch cable broadband in five Indian cities as Jio expands Zee Group-owned Siti Cable will launch high-speed broadband services in five different cities by June this year, company sources revealed.Siti Cable, a brand of Siti Networks, currently operates broadband services in Delhi, Hisar, Rohtak and Karnal. The new locations are ...
Bharti Airtel to launch pan-India Payments Bank tomorrow Bharti Airtel, India's largest telecom company, will take a crucial step towards entering the financial services business as it launches its Payments Bank operation across India tomorrow.Payments Bank refers to a limited operations bank that can be primarily used for maki...
After Freecharge, Axis Bank wins virtual POS provider Paynear for its UPI platform Paynear, which helps shopkeepers and businesses to accept card payments without buying a point-of-sale (POS) machine, has tied up with Axis Bank to implement support for UPI or Unified Payment Interface.UPI allows users to send and receive money and make payments using IDs th...
Three lakh Amul outlets to start accepting MobiKwik payments MobiKwik, Indian mobile wallet major, today announced its tie up with Amul, the Indian dairy cooperative.The association will help customers of Amul in making cashless payments with MobiKwik at 7000 Amul outlets and 3 lac Amul Multi brand outlets & retailers across India....
Demonetizaton: Govt places limits on last minute deposits The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit."Tenders of SBNs in excess of ₹ ...
PayTM fraud not related to wallet service PayTM, India's largest wallet company, has been cheated to the extent over Rs 6.15 lakh by 48 customers claiming illegal refunds for goods they already received.The fraud does not involve any leakage of money from the wallet service, but is centered around claiming illegal re...
PayTM hit by Rs 6.15 lakh fraud PayTM, India's largest wallet company, has been cheated to the extent over Rs 6.15 lakh by 48 customers claiming illegal refunds for goods they already received.A case has been registered with the Central Bureau of Investigation, which is currently looking into the matter. ...
BEST bus users can now pay using Freecharge and Ridlr Freecharge, owned by Snapdeal, said users of BEST public transport buses in Mumbai can pay for their tickets using its wallet service.This has been achieved by tying up with Ridlr, the official mobile ticketing app partner of BEST."BEST commuters can now pay for thei...
Pokemon Go launched in India in association with Reliance Jio Pokemon Go, the virtual reality game where players have to 'catch' and 'train' creatures called Pokemons, has officially been launched in India, months after it first became available in markets such as the US.The India launch has been done in association with Reliance Jio, t...
Domino’s Pizza starts cashless facility for phone orders Domino's Pizza has started cashless payment facility for those who order by phone as well."Post demonetization, we have seen many customers choosing to order online. Consumers coming to our restaurants to dine in or carry out are able to pay With Credit caras or Wassets. Howe...
Freecharge ties up with ICICI Bank to offer POS services Snapdeal-owned FreeCharge has tied up with ICICI Bank's Merchant Services, which will allow consumers to pay their bill at over 1 Lakh ICICI stores with their Freecharge accounts.These merchants are located at across 700 cities and towns in India, the company said. "FreeC...
7 ILLOGICAL REASONS to oppose DEMONETIZATION The current demonetization move by the Narendra Modi government has seen a lot of accusations and counter-accusations being levelled by both the supporters and opponents of the move.While the government has tried to deal head on with the official accusations levelled by opp...
DEMONETIZATION: How some earned lakhs standing in queues The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and ot...
Airtel starts Payments Bank; offers 7.25% interest on savings ac Airtel Payments Bank, a subsidiary of Bharti Airtel Limited, today said that it has rolled out a pilot of its banking services in Rajasthan. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch.With this, Airtel Bank has become the first...
ICICI Bank is the first with UPI app for merchants While nearly all the major banks with the exception of SBI and HDFC have come up with UPI apps for regular users, ICICI Bank has gone a step further by bringing out an app specially dedicated to merchants.The app requires a current account with ICICI Bank to operate, and any ...
82,000 ATMs recalibrated out of nearly 2 lakh so far Banks have recalibrated 82,000 out of a little over 2 lakh ATMs in the country, economic affairs secretary Shaktikanta Das."It will be only a matter of a few days (more) till all the ATMs are recalibrated," Das said.To ease cash supply to the agricultural sector, a total ...
Muthoot Group offers online Will generation facility under tie-up with WillJini The Muthoot Group said its broking and wealth management division, Muthoot Securities Limited, launched iWill -- a service which offers online will writing in just 30 minutes.Muthoot Securities has launched this product in association with WillJini Succession Services Private...
Card payments slow as people start swiping more after Demonetization Swiping a debit or credit card at the local grocery store or supermarket is supposed to be the best way to beat the demonetization blues, but going by social media feedback, these networks are getting overloaded as well.In fact, our own staff have found that they have had to ...
Sorry, Reliance Jio is NOT launching DTH In what is becoming something of a routine, yet another rumor has been spread that Reliance Jio is about to start a DTH service and you will be able to get all the channels at half the price that you currently pay.According to this, 350 TV channels will be offered at Rs 185 p...
SBI starts accepting UPI payments State Bank of India, India's largest bank, has started accepting UPI payments from customers of other banks.However, outgoing payments are yet to be enabled from an SBI account to other accounts.UPI refers to a new way of making instant payments.Instead of enterin...
No Note Exchange, only Account Withdrawals Tomorrow as banks take a breather There will no over the counter exchange of currency tomorrow (Saturday) as banks have requested for a one-day break from the heavy workload.The only exception will be for senior citizens.Deposits and withdrawals will continue."The entire staff of the banks have been d...
Infosys invests Rs 14.5 cr in Danish artificial intelligence startup UNSILO Technology services provider Infosys said it made an investment of 14.92 mln Danish kroners in Danish startup UNSILO from its innovation fund.UNSILO is a Danish artificial intelligence startup founded in 2012 and focus on advanced text analysis.It uses a combination of m...
Ahead of merger, RCom releases low-cost ISD app in India Reliance Communications, which will merge its wireless operations with Aircel in the coming months, has released its international calling app Reliance Global Call in India.Somewhat similar to the Jio4G Voice app, the app helps you make international calls using RCom's networ...
RBI chests have enough cash – ICICI Bank CEO ICICI Bank Chief Executive Officer Chanda Kocchar today said the Reserve Bank of India's currency chests have enough cash and there is no situation of scarcity for banks in securing notes.Kocchar also said that all banks including hers are bringing more and more ATMs into wo...
Razorpay introduces e-cash on delivery using UPI Razorpay, a payment processing company, announced eCOD, a new service that lets customers pay for deliveries after the delivery is actually made.Unlike other recent offerings like Wallet on Delivery etc, Razorpay has built in support for UPI -- which means that you can pay di...