Indians Abroad Can Now Make UPI Payments Through Paytm

By siliconindia  |  Tuesday, 19 November 2024, 18:24 IST

Indians Abroad Can Now Make UPI Payments Through Paytm
Indians traveling abroad can now make UPI payments via the Paytm app, as the fintech leader has launched ‘UPI International’ in select international markets. Paytm users can access this new feature in countries such as the UAE, Singapore, France, Mauritius, Bhutan, Nepal, and others where UPI is already accepted, the company announced in a statement.
Setting up UPI International on the Paytm app will require a one-time activation linked to the user’s bank account. When scanning a UPI-enabled QR code overseas, the app will prompt activation automatically ensuring easy access.
Indians heading to these popular tourist destinations can opt to activate the service for up to 90 days depending on the duration of their trip. 
Further, users can deactivate the service anytime, which would help prevent accidental transactions with foreign merchants once they are back in India.
“With the upcoming holiday season, we are sure that this launch will make foreign travel even more convenient for users. This expansion reflects our commitment to leveraging technology that empowers our users, wherever they are in the world”, a Paytm spokesperson said.
The development comes days after Paytm launched a feature that allows users to download their UPI transaction statements directly from the app. 
In a blog post earlier this month, the company said the feature is aimed at making it easier for users to track expenses, manage budgets, and prepare for tax filing.
The Vijay Shekhar Sharma-led company posted a consolidated profit after tax (PAT) of INR 930 Cr in the September quarter of the financial year 2024-25 (Q2 FY25) as against a loss of INR 292 Cr in the year-ago period. The company returned to the black in Q2 on the back of one-time substantial gain made on sale of its ticketing business to Zomato.
However, the fintech giant’s revenue from operations fell 34% year-on-year to INR 1,1660 Cr in the reported quarter from INR 2,519 Cr in the year-ago period.
Last month, the company also received approval from the National Payments Corporation of India (NPCI) to onboard new unified payments interface (UPI) users.
It is worth noting that Paytm's market share in UPI transactions dropped to 7% in October, down from 13% in January, following the regulatory actions by the Reserve Bank of India against Paytm Payments Bank Limited. Despite these challenges, Paytm remains the third-largest processor of UPI payments in the country. Additionally, Paytm is among the select new-age stocks to be included in the NSE's futures and options (F&O) segment, starting November 29.
 

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