One of India’s largest digital wallet platform Paytm rolled out the BHIM UPI for Android platform in November 2017. While the Android users were able to enjoy the facility to send and accept money via UPI, iOS users had to wait. But the wait is now over as Paytm has, in the newest update, rolled out the UPI facility for its iPhone users. Other than the word “Cashback’’ missing above the BHIM banner in iOS, the features and functions on both Android and iOS platforms are same. After updating the Paytm app to its latest version, iOS users will be able to link their bank accounts and send/receive money to/from other bank accounts.
Paytm BHIM UPI now enables iOS users to make easy and instant money transactions directly between two bank accounts. With this facility users do not need to wait to add a beneficiary to send money. Neither they have to share the bank’s IFSC code and their account details with anyone to receive money. Paytm users on iOS will now be able to do digital transaction more conveniently with additional options to choose from.
iPhone users can create their UPI ID by following these simple steps:
- Click on the BHIM UPI button.
- The app will create the user’s Virtual Payment Address (VPA) which is the mobile number used to register in the Paytm app. With the Paytm app users cannot choose their VPA.
- Once the UPI ID is generated, users can link their savings account with the Paytm BHIM UPI ID to send or receive money.
Alongside the launch of BHIM UPI on iOS platform, Paytm and One97 Communication founder also confirmed the launch of Paytm Payment Bank physical debit cards for its account holders. Previously, Paytm Payment Bank has issued a virtual debit card to its users for online shopping and transactions. But, as a part of establishing its Payment Bank in India, Paytm has now offered the account holders the facility to order a physical debit card from its app. Only users who have savings account with the Payment Bank can avail this facility. Paytm Payment Bank savings account-holders can apply for the card at a nominal charge of Rs.100 as the annual subscription. Users can withdraw money up to 3-times from metro ATMs and 5-times from non-metro ATMs at no extra charge. A fee of Rs.20 will be charged per transaction after that. Right now, the Payment Bank offers 4% interest per annum on the savings deposits. Moreover, while the maximum amount for a savings account is Rs.1 lakh, Paytm has no minimum balance requirement.
Anyone can open a savings account with the Paytm Payment Banks by simply following these steps:
- Once a user taps the Bank icon at the bottom of the app, he/she has to enter the details and Aadhaar number.
- After the nominee details are complete, users can either visit the nearest Paytm retailer (the app will provide a list of retails based on the users’ location) or book an appointment with a Paytm representative for KYC formalities.
- One can start using his/her Paytm Payment Banks account after the verification is complete.
Author Bio: Ileana Lyardson is a content marketer and financial writer by day and a reader by night. She has 7 years of experience in the financial domain, predominantly in the Online Money Transfer. She is passionate about travelling and also maintains a blog where She offers financial advice especially on Banks IFSC CODE and review of insurance products to individuals planning their featured life.