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After Freecharge, Paytm allows loading money via UPI; An experiment

Digital payments company Paytm has integrated the Unified Payments Interface (UPI) into its services to load money into the wallet. To begin with, the UPI integration will be only available on the Paytm website, though the company says it will be introduced on the application as well. Interoperability concerns as NPCI limits wallets Before you are able to deposit money using UPI, you need to already have a UPI ID or app, and, unlike PhonePe, which is a YesBank UPI app run by a Flipkart owned company, Paytm cannot generate one for you and link it to your bank account, since it is acting as a merchant accepting money in this case. Paytm's UPI is operating using an ICICI Bank Virtual Payments Address (VPA): paytm@icici. This means that you're sending money, say from nixxin@ybl, via UPI to paytm@icici. Paytm is still a wallet, and wallets are not allowed to directly integrate into UPI because the NPCI, which is a bank owned organisation which runs UPI, wants to favour banks over wallets. Don't take our word for it: the NPCI MD said so himself. Things might change once Paytm becomes a Payments Bank, but again, that depends on whether the legacy banks allow Payments Banks into UPI, and also which Payments Banks they choose allow. The NPCI is not an independent, RBI or government run system, but one run by the  Indian Banks' Association (IBA), a representative body for legacy banks. Not the first wallet to load money via UPI Note that Paytm…

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Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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