Paytm Payments Bank is set to launch United Payments Interface (UPI)-based payments service to increase convenience of conducting transactions for customers and merchants.

The UPI service will allow consumers to send money to each other and make payments to merchants through virtual IDs issued by the bank.

Commenting on the UPI adoption, Paytm Payments Bank CEO Renu Satti said: “It will be one of the most important components of our payments platform and enable us to bring cost-efficient digital payment services to every Indian. Our significant consumer base makes us well-positioned to become a large issuer of UPI handles, driving its adoption in the country.”

Paytm Payments Bank, launched last month, does not have any minimum balance requirement, does not charge online transactions, and offers 4% percent interest on deposits.

The bank offers debit cards but is barred from issuing credit cards. In its first year, the bank intends to expand with 31 branches and 3,000 customer service points.

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By GlobalData