We Will Soon Launch UPI International: Paytm's Bhavesh Gupta This was announced on Tuesday during a social media live by Paytm. The company also launched UPI Lite and RuPay credit card service on UPI for iOS
By S Shanthi
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Paytm plans to launch the 'UPI International' service on its app soon, the company said during a social media live session on Tuesday.
"The National Payments Corporation of India (NPCI) has begun merchant acquisition for UPI in Singapore and we expect it to start the same soon in countries that have a large Indian diaspora or a huge inflow of Indian tourists," said Bhavesh Gupta, board member, Paytm Payments Bank.
Very soon, we will also launch this service on the Paytm app, Gupta said, while adding that it is still a bit early for this service to be prioritized over some other features which consumers want. The company also launched UPI Lite and RuPay credit card service on UPI for iOS during the social media live.
Further, the company said that UPI Lite has gained traction on the Paytm app. "Paytm has gained 6 Mn customers within three months of the launch of UPI Lite on the app in February," said Surinder Chawla, CEO, Paytm Payments Bank.
UPI Lite is a digital payment service designed by the NPCI and launched by the Reserve Bank of India in September 2022. The feature enables users to make faster and easier payments for small transactions. It allows users to send money up to INR 200 with a single tap from their UPI Lite account, without entering a pin. This feature is expected to improve the user experience and reduce transaction failures. PhonePe also recently introduced the UPI Lite feature on its app.
Notably, this comes at a time when the payments giant reported a 51.5% rise in fourth-quarter revenue. On Tuesday, it posted an operating profit for a second consecutive quarter. The growth was aided by a surge in loan growth.
"We aim to become free cash flow positive in the near future," the company's founder and CEO Vijay Shekhar Sharma said in a letter to shareholders, shared on Twitter. He also added that in 2023, with the advent of early-stage AGI (Artificial General Intelligence), there will be more opportunities to bring efficiencies in business and AI-first offerings.
"I see AGI as something like smartphones 10 years back – very ripe for innovation and very potent to become part of everyday life at scale. As a technology company, we at Paytm, will be at forefront of this revolution," Sharma wrote.
