Paytm (One97 Communications Limited), India’s leading payments and financial services distribution company and the pioneer of QR codes, Soundbox, and mobile payments has today announced that Paytm UPI now supports UPI Trading Blocks (also known as Single Block Multiple Debits), a feature designed to simplify broking experience for stock traders. With this, Paytm UPI users can now set up automatic payment deductions directly from their bank account for trades, without having to transfer large sums to their trading accounts on brokerage apps. This will enable them to continue to earn interest, until they make their actual trades, since funds remain in their bank account.
Paytm’s UPI Trading Blocks, built on NPCI’s infrastructure and leveraging UPI, deducts the amount only when a trade is made, and this happens automatically without the need for a UPI PIN. Providing full transparency, it ensures funds remain in the investor’s bank account while offering an easy option to manage and conveniently pay for trades.
Once the trade is completed, users can manage and track their funds on the Paytm app. Currently supported for UPI handles of Axis Bank (@ptaxis) and Yes Bank (@ptyes), this feature will soon be available for other UPI handles of State Bank of India (@ptsbi) and HDFC Bank (@pthdfc), ensuring seamless and secure UPI payments.
Paytm spokesperson said, “We are thrilled to introduce UPI Trading Blocks on Paytm UPI, bringing greater convenience to stock traders. This service simplifies fund management by enabling seamless, automatic payment deductions directly from bank accounts, eliminating the need to transfer large sums to broker or brokerage apps. With faster and reliable payments with Paytm UPI, we hope to continue to innovate and elevate the trading experience for our users.”
Key Benefits of UPI Trading Blocks:
- No Need to Transfer Funds to Brokers: Funds are directly blocked in the bank account, eliminating the need for large transfers.
- Full Transparency: Easily track blocked funds in one place on the Paytm App, supported by leading partner banks.
- Earn Interest: Funds remain in the user’s bank account until needed, allowing them to continue earning interest.
- Automates Payment Deductions: During trades, enabling faster transactions without the need for a UPI PIN.
Here’s how to enable UPI trading blocks on broking apps:
- Log in to your broking platform account
- Go to the ‘Add Funds’ section
- Select the ‘Single Block Multiple Debits’ option
- Choose Paytm App from the available payment options
- Enter your UPI PIN to complete the process
The company recently launched the ‘Receive Money QR Widget’ on the smartphone home screen for both Android and iOS users, enabling influencers, shopkeepers, freelancers, and small businesses to easily accept payments on the go without the need to open the app. Paytm also introduced a coin-drop sound for real-time payment notifications, providing instant confirmation and assurance for every payment received. The platform simplifies everyday payments with UPI, offering UPI Lite for small-value transactions, and allows RuPay Credit Card linking on UPI, along with an auto-pay service, all designed to improve the overall payment experience. As part of its global expansion, Paytm now supports international UPI payments at locations where UPI is accepted, including the UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal.
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