Paytm now allows UPI payments without an Indian SIM card
What's the story
Paytm has introduced a service that lets Non-Resident Indians (NRIs) from 12 countries make Unified Payments Interface (UPI) payments in India using their international mobile numbers. The move comes as part of the company's larger financial inclusion strategy. The facility works with NRE or NRO bank accounts and eliminates the need for a local Indian SIM card.
Instant transactions
Instant fund transfers to UPI IDs or mobile numbers
The new service from Paytm allows NRIs to make instant fund transfers to UPI IDs or mobile numbers. This bypasses traditional remittance delays and also foreign exchange charges. The feature is powered by the National Payments Corporation of India and is available for Indians living in Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the US, Saudi Arabia, UAE, the UK, France, and Malaysia.
Enhanced user experience
Other features available on Paytm app
Paytm offers features like downloadable UPI statements in PDF/Excel formats, automatic expense categorization, payment hiding options, and consolidated balance viewing across the linked bank accounts. The app also has an AI-generated spending summary facility called Paytm Playback. To use the new service, NRIs just have to download the Paytm app and link their bank account after verifying via SMS.