*This is in partnership with BQ Prime BrandStudio
You can go shopping in any city in India today and one ubiquitous item you will see at the payment counter is a Paytm UPI QR code. From a tea shack on highways to fancy brand stores in glitzy malls, the sticker or small stand with the Paytm UPI QR code is always around. India’s Unified Payments Interface (UPI) has been one of the biggest made-in-India successes of the past decade and has transformed banking and payments across the length and breadth of the country, making payments fast, secure and super easy. UPI has taken payments from cumbersome to convenient. It is also an inclusive system, and everyone in India uses it, from upper middle-class Indians to house help.
While UPI is a real-time payment service available across many apps, not every UPI app is the same. Take Paytm for instance—the app adds more functionality, better ease-of-use and an improved layer of security, which makes the Paytm UPI app a great choice for UPI. Here are three reasons why Paytm is the best UPI app.
1. Ease of use makes Paytm the best choice for UPI
Your bank allows fund transfers online. But to use the system, you have to add the bank account details of the beneficiary and await your bank’s approval for adding the beneficiary. And transfers are not instant in some modes like NEFT, and some others like IMPS are charged. You may notice that your bank’s app also has an UPI function but when you try and use it you may realise you need to type in the recipient’s UPI ID. Which most of us may not remember or have handy.
On the other hand, when you want to transfer money via UPI on the Paytm app, all you need to do is enter the receiver’s mobile number and you can make immediate money transfers. Of course, if you have the UPI ID, you can use that too. Or scan the recipient’s QR code. It’s all about convenience and ease-of-use. Of course, for security reasons make sure you never share your UPI PIN with anyone. You should only share your phone number, UPI ID, or UPI QR code with a sender in order to receive money.
Ditto when shopping. Scan the QR code and you can make payments instantly and securely. But suppose you are in a cab and the driver says his QR code isn’t handy he can just provide his mobile number and you can transfer the fare to him. What’s more, with Paytm, you can scan the QR codes of all UPI service providers, and not just those of Paytm users. This means you can pay virtually anyone in India as long as the back-end system is UPI.
And that’s not all. Paytm has a very wide network and ties up with many different brands—from restaurants to online service providers to high-end retailers to your electricity company, and you can benefit from special offers, earn cashback and get various discount vouchers on almost every UPI payment.
2. Paytm’s pioneership and reliability in digital payments makes it the best choice for UPI
While instant money transfers are great and have made life very convenient, these modes also increase the risk of fraud and financial mishaps, especially for those who are not very comfortable with digital and online transactions. One of the major concerns that some have with UPI is the fear of frauds and scams.Another issue is that of success rates of transactions, especially with slow data speeds—Paytm has the best transaction success rates.
But unlike many other online platforms, Paytm is a safe UPI app with all UPI payments secured by not one, but two-factor authentication. You need your Paytm login and password to even open the app. Paytm also allows you to use your smartphone’s security, such as fingerprint or facial recognition to secure the app. This means if you leave your phone at your desk, no one else can open the Paytm app. And on top of that you need your secure UPI PIN that you choose when setting up UPI to complete any transaction.
3. World-class support and features makes Paytm the best choice for UPI
In the rare instance that you face any issues with your Paytm UPI transaction, you get 24×7 support to help solve the issue. Whatever time of the day or night, whether it’s a Sunday or a bank holiday, Paytm’s customer support is on hand to help you. With every Paytm UPI transaction, you get a reference ID that can be used for getting any issues resolved. Besides in-app support, you can call 0120-4456-456 to get your queries resolved.
Then there are added features. Not all UPI apps allow you to simply use the wallet feature to travel seamlessly on metros that are now coming up in every Indian city and transforming our commutes. But Paytm does. Besides regular payments, you can pay home utility bills, buy subscriptions, pay credit card bills, loan EMIs, etc. too, using the Paytm UPI feature
Paytm UPI transactions are completely free of any kind of charges/additional costs—despite the additional features that Paytm offers. Paytm allows you to perform transactions with an upper limit of Rs. 1 lakh on the total amount spent in a day.
Getting started on the Paytm UPI app
You can start on the Paytm UPI app with minimum KYC too. So, you can get going without any paperwork to be submitted at some bank branch, etc. However, once you use Paytm, you will understand why Full KYC is best and even that is as simple as doing it from the comfort of wherever you are and at a time of your choosing.
All you need to do to experience the power of UPI with Paytm’s unique extras is to create a UPI account on your Paytm app. Even if you have been using another UPI app you can try Paytm too and experience the difference for yourself. Follow these simple steps to set up your UPI account on Paytm:
● Download Paytm
● Just enter your mobile number. If you have a dual SIM phone, you may be prompted to select the SIM slot in which your mobile number is present.
● An SMS will be sent from your number to verify your mobile number.
● Once this is done, you will have to select your bank name from the list that will be presented to you. Please make sure that the mobile number registered with your bank is the same as the one you entered earlier. Your bank account details will now be fetched from the bank using your mobile number.
● If you are linking your bank for the first time, you will be asked to set up a UPI PIN. You will need your debit card details for setting this up.
● Your bank account is now linked via UPI, and you are ready to experience the power of UPI on Paytm.
The Bottom Line
Clearly, if you’ve been wondering about which is the best UPI app in India, or which app gives you better cashback, discounts and offers, Paytm is the answer. You can do all kinds of payments on one platform and benefit from the ease, comfort and security of using the Paytm app. Whether it is about recharging your mobile, or paying your electricity, OTT, music app, or credit card bills or making payments at merchants, you can do it all through UPI payment on the Paytm app. All of this only by entering the contact number of the receiver.
What’s more, you can also set up automatic recurring payments too. Paytm offers a powerful yet easy to use feature of automatic bill payments for all recurring bills and utility services. From your OTT payments to your monthly mutual fund investments to your rent, it’s all taken care of. All Paytm users need to do is set automatic monthly payments for such recurring payments.
So, now when you are asked which is the best UPI app for money transfer, just say #Paytmkaro.