Paytm started accepting UPI payments on its platform in November 2017. Photo: Mint
Bengaluru: Digital payments firm Paytm, owned by One97 Communication Ltd, on Thursday said that the number of Unified Payments Interface, or UPI, transactions on its platform touched 68 million in February, which is up 33.3% from 51 million transactions in January.
The company started accepting UPI payments on its platform in November 2017. Paytm’s competitors, including MobiKwik, Google Tez, and Flipkart-owned PhonePe, also accept UPI payments.
After its initial UPI rollout in November 2017, the company registered 33 million UPI transactions. Paytm claimed in a statement that it has around six million merchants on its platform at present.
With UPI, each user has a virtual address assigned to him. To make transactions, users simply mention the virtual address of the receiver, and the amount, making the entire payment process simpler.
Paytm said that its UPI virtual addresses are accepted across all banks as well as the BHIM (Bharat Interface for Money) UPI app.
UPI, which is promoted and developed by the National Payments Corp. of India (NPCI), was launched originally in December 2016. It is built on top of the IMPS (immediate payment service) architecture, which is used by banks to process payments instantly. UPI is currently supported by 85 private and public banks, according to NPCI.
