Paytm has launched a revolutionary feature that provides users with the ability to create personalized UPI IDs, one of the major initiatives to enhance user privacy and promote digital transactions. This innovation was put into practice on Monday, 9th June, and enables users to send and accept payments specifying zero mobile numbers, which has been a major concern for digital payment users for a significant period.
The UPI ID until now has mostly been generated in association with a mobile number, thereby exposing processor details about the parties in the transaction. But with this update, Paytm users can go ahead and select from handles such as 'name@ptyes' or 'name@ptaxis' for a unique and discreet identity in their financial transactions.
At this moment, the service is activated for UPI handles through Yes Bank and Axis Bank, with a subsequent rapid roll-out for other banking partners.
"Our customers expressed their desire to keep their mobile numbers private, so this needs to be addressed," a Paytm spokesperson said. "Being focused on creative ideas, Paytm will continue to make payments safer and more convenient for all." This reflects Paytm's commitment to developing with the end user in mind and in advance to uplifting the digital payment ecosystem in India.
Creating a personalized UPI ID is an easy process with complete ease in user adoption. Users, on their own, will simply have to open the Paytm app, tap on the profile icon, head to UPI Settings, select Manage UPI ID, choose their personalized ID, and set it as their primary UPI handle.
From this moment on, all UPI transactions can be made via the UPI ID that the customer has created rather than a mobile number, thus ensuring privacy for the mobile number. This certainly does give a higher level of control to personal financial identities for everyday payments, such as bill payments to a delivery agent or purchases at a retail store.
Beyond privacy protection, this launch is part of a larger suite of Paytm updates. These include features like hiding or unhiding specific transactions for enhanced control. Additionally, users can now enjoy automatic expenditure categorization for easy financial tracking, along with widgets for quick access to 'Receive Money' and 'Scan & Pay' functions, and auto top-up for UPI Lite transactions up to ₹5,000.
Users may also download UPI statements in both PDF and Excel formats, and the application now allows a user to see consolidated balances across all UPI-linked bank accounts.
Along with domestic improvements, Paytm is also steadily growing beyond borders for UPI payments. There are now seven countries where Indian travelers can enjoy Paytm UPI services; these include the United Arab Emirates, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal. The international expansion smooths out the digital complications of cross-border transactions and provides a better level of convenience and security for Indian citizens abroad.