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National Payments Corporation of India (NPCI) has given access to all payment service providers to use its universal database. Through this, mutual exchanges will be possible, the company said in a statement. This gives customers the flexibility to make transactions through all UPI payment apps. According to the company, customers will get a fast and unlimited experience through this.
This is a major step towards the UPI ecosystem. In this way, more customers will come in with the facility of sending money to any UPI application. This will also gain wide acceptance. The company also stated that it aims to remain at the forefront of UPI payments. The company provides state-of-the-art infrastructure to its customers. Unlimited and secure payment systems are available. Paytm also said that the current move is part of the company’s aim to include more people in the country’s economy.
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Follow the steps given below to make payment to other UPI applications using Paytm.
- Select the ‘UPI Money Transfer’ section of the Paytm app. Tap on ‘UPI Apps’.
- Tap on ‘Enter Mobile Number of any UPI Apps’. Then enter the mobile number of the person to receive the money.
- Next enter the amount to be exchanged. Then tap on ‘Pay Now’. With this money transfer is done instantly.
Record in UPI transactions
Meanwhile, UPI saw the highest volume and value in history. Last October, more than 7 trillion transactions were done using UPI. More than 12 trillion rupees were transferred through this.
Unified Payments Interface or UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI). In 2016, UPI was launched by then RBI Governor Raghuram Rajan. After six years, a revolution is being created in digital payment in the country.
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