Paytm UPI update: NRIs can now send and receive money using international mobile numbers – Industry News
Paytm has announced that Non-Resident Indians (NRIs) from 12 countries can now log in to the Paytm app using their international mobile numbers for UPI payments through NRE or NRO accounts. Such users can seamlessly pay at shops and local businesses across the country by simply scanning a UPI QR code or shopping online on Indian apps and websites.
The fintech major stated that the feature is now possible without the need for international payment gateways or currency conversions. “NRIs can also transfer funds between their own accounts or send money instantly to any UPI ID or UPI-linked mobile number, removing remittance delays and high forex charges,” the company said.
How to use Paytm with international mobile number
Below is the step-by-step guide on how to use the Paytm App via an international mobile number:
- Download and open the Paytm app
- Login with international mobile number
- Verify the number via SMS and link the bank account to start making payments instantly
Significance of step
The UPI payment method is gaining significant traction among users every year. The latest data from the Reserve Bank of India shows that the UPI payment volumes have grown to 17,221 crore transactions in 2024, up from 1,079 crore transactions in 2019. During the same period, the total value of transactions through UPI payments increased to Rs 246.8 lakh crore in 2024, up from Rs 18.4 lakh crore in 2019.
Last year alone, the UPI transaction volume increased by 22 per cent. The RBI data show that while UPI transactions represent only 9.1 per cent of total transactions by value, by volume, UPI transactions drive 85 per cent of India’s digital payments. It is due to this ever-increasing traction of UPI that fintechs, such as Paytm, are also looking to onboard NRI customers.
