Airtel Payments Bank has become the first payments bank to get on the Unified Payments Interface (UPI). Shashi Arora, MD and CEO of the bank said that this would allow their 20 million customers to create their personalized UPI handles on the Airtel app, and enable them to make digital payments in both the offline & the online space. Note that Airtel Payments Bank will now get its own handle @airtel. The default virtual payment address (VPA) will the customer’s mobile number but customers can customize to their needs. Meanwhile, customers can also link their Airtel Payments Bank savings accounts to any of their UPI handles on other apps such as BHIM or UPI apps of other banks. Meanwhile, its rival Paytm Payments Bank Paytm has still to integrate the UPI. An Economic Times report said that the UPI integration will go live by August. Once live, consumers can make money transfers to each other, and make payments to registered merchants using UPI virtual IDs (E.g. username@paytmbank). The UPI saw a 12% growth in the total transaction volumes taking place between June and July 2017. The Number of transactions grew by 1.28 million in July 2017 whereas the total amount transacted increased by, up by Rs 313 crores. In June 2017, volume had increased by 1.19 million and amount transacted had grown Rs 333.05 crores. Merchant transactions Customers can also use MyAirtel app (Bank section) to scan any UPI QR code for making merchant payments. This will be crucial for Airtel Payments Bank to get into offline payments. Remember that the bank…
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