The new feature will allow customers to pay directly from their bank accounts by entering their UPI PIN without leaving the merchant app, the company said.
Online businesses can offer their customers the ability to conveniently check their account balance, create VPA handles, add more UPI linked accounts and set/reset UPI PIN in real-time within their app prior to making a payment.
This is part of the existing UPI acquiring arrangement between Paytm Payments Services Ltd. and Paytm Payments Bank, under which Paytm Payments Services Ltd provides UPI acquisition service to merchants. This UPI SDK is an add-on feature under the same arrangement.
“With UPI being one of the most accepted payment methods, streamlining the online payments flow was critical for businesses. Now, our pioneering Paytm UPI SDK allows businesses to accept payments directly on their app. Doing away with redirection to a bank website or another payment app, leads to improved transaction success rates and ensures that users enjoy seamless payments,” said Nakul Jain, CEO, Paytm Payments Services.