Great benefits for Paytm users! From now on, they can use this app to transact money through UPI in some selected countries outside of India. According to media reports, ‘One97 Communications Limited’ (OCL), which owns Paytm, has made this arrangement.
A statement has also been released by the company in this regard. It states – Basically, this arrangement is made for Indian travelers and tourists. So that they can easily conduct online (UPI) transactions even when they go abroad.
If UPI is accepted in the respective country business, then they can take advantage of this new management. However, for now, Indian tourists can use this service only in selected countries of the world.
These countries are – UAE, Sri Lanka, Singapore, France, Mauritius, Bhutan and Nepal.
According to the company, they can use Paytm anywhere (where UPI services are accepted) in these countries. Which includes everything from eating and drinking in restaurants to shopping or other activities.
For this, concerned customers need to set up the management called UPI International using the Paytm app. A one-time activation link will link the customer’s bank account with that management.
Thereafter, whenever a customer abroad scans a UPI-enabled QR code using his Paytm app, the specified amount of money will be transferred to that account immediately.
Users can use this service from 1 to 90 days at a time. Depending on the number of days they will be abroad, the time limit for using this service will be fixed.
Moreover, once the service is activated, the customer can stop it whenever he wants. In fact, not a single penny will be transferred under this service unless the customer wants it. Authorities hope this will reduce the incidence of mistaken money transfers.
Not only that. When the Paytm app is used in this way abroad, the customer will know the currency exchange rate of that day at that moment. And if any fee is deducted by the concerned bank, that too will be done with full transparency.