Popular digital payment platform Paytm services are now available outside India as well. The company announced that UPI transactions can be done through Paytm in select locations outside India.
Paytm has said that Indians traveling to countries like UAE, Singapore, France, Mauritius, Bhutan and Nepal can make payments using the app for shopping, hotels and other local needs. Users need to do a “one time activation” to link their bank account for this.
According to the company, Paytm users can choose between one to 90 days depending on their travel time. After this the service will be disabled for security reasons. The company said it would prevent fraudsters and increase security by automatically turning off functionality after a certain amount of time.
Recently, Paytm introduced a new feature that allows users to download UPI statements that record transactions. The company has released a feature that is very useful for users who monitor income and expenses. Meanwhile, the Reserve Bank of India had earlier this year ordered Paytm to stop accepting new deposits citing non-compliance.
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#UPI #transactions #Paytm #exit #India
2024-11-19 13:34:00
How will the expansion of Paytm’s UPI transactions outside India influence the digital payment landscape in the countries where it’s introduced?
Thank you for joining us today on World Today News. We have with us two distinguished guests to discuss the recent expansion of Paytm’s UPI transactions outside India. Our first guest is Mr. Amit Nayak, Head of International Business at Paytm, and our second guest is Ms. Mahima Kaul, an independent tech analyst and journalist based in Delhi.
Amit, can you tell us more about this exciting development for Paytm users? What was the thought process behind expanding UPI transactions outside India, and how will it benefit Indian travelers?
Amit Nayak: Thank you for having me. Well, we are excited to announce that Paytm users can now make UPI transactions outside India. The idea behind this expansion is to provide seamless financial services to our users who travel frequently for work or leisure. With UPI transactions becoming increasingly popular in India, we wanted to ensure that our users can rely on Paytm for their financial needs even when they are traveling abroad. We believe this will be especially useful for Indians traveling to countries like UAE, Singapore, France, Mauritius, Bhutan, and Nepal, as it enables them to make payments for shopping, hotels, and other local needs without the hassle of carrying cash or relying on foreign exchange services.
Ms. Kaul, as an independent tech analyst, what do you make of Paytm’s decision to expand its services outside India? Do you think this is a strategic move or a mere response to the market demand?
Mahima Kaul: It’s definitely a strategic move. With the Chinese tech giant Alibaba backing Paytm, it is natural for the company to look for global expansion opportunities. Secondly, India’s digital payment market is already quite saturated, and with the newly introduced UPI transaction charges, payments platforms are facing challenges. So, expanding to other markets like the UAE, which has a significant Indian diaspora, makes sense from a business perspective. Of course, it also addresses the needs of Indian travelers seeking a familiar payment option abroad.
Amit, can you tell us more about the security measures taken to prevent fraud related to these transactions? How will migrating services back and forth impact the security of user accounts?
Amit N
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