Paytm announced today that it would have a deep integration with India Stack to leverage the platform’s open-stack technology and ensure the best possible experience for its customers and merchants. The company has implemented India Stack components like eSign and eKYC to ensure great scalability for its mobile payments and commerce solutions.
UPI compliance and interoperability is key to Paytm’s Payments Bank strategy. As part of its compliance, all Paytm Payments Bank customers will be able to add money to their Paytm wallet through any UPI-enabled app, transfer money to any bank account from their existing bank account through Paytm’s UPI interface, and all Paytm merchant QR codes will be UPI-interoperable, which means all merchants in the Paytm ecosystem can accept payments from other UPI apps.
Speaking on the announcement, Founder and CEO of Paytm, Vijay Shekhar Sharma said,“We will leverage the power of India Stack starting from Aadhar to UPI to DigiLocker in our upcoming Payments Bank. This will allow us to offer cost-effective services to Indians and bring us closer to our goal of bringing half a billion Indians to the mainstream economy.”
Commenting on the development, Nandan Nilekani, iSPIRT Mentor, said, “I am delighted to see Paytm adopting UPI and India Stack. The power of UPI will enable millions of Indian consumers to send or receive money in any bank account and merchants to accept payments from any bank account. This will pave the way for a truly interoperable cashless society in India and help India leapfrog into the world of universal financial inclusion.”
Currently over a million offline merchants across India accept Paytm as their preferred payment mode. Paytm is accepted everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and many more.The app can also be used to pay for recharges and bill payments, utility payments, movie tickets, travel bookings and shopping. With Its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.