Here's why Paytm's five latest product innovations make it the most trusted UPI app
Empower your mind, elevate your skills
Paytm (One97 Communications Limited) pioneered mobile payments in India, introducing transformative technologies such as QR codes and Soundbox, which fundamentally changed how millions transact digitally. As a technology-first and most trusted UPI payments platform, Paytm continues to lead the way in innovation, building real-world solutions that enhance daily payment experiences. The company's five latest product innovations reaffirm its position as the best UPI app in India, combining ease of use, top-tier security, and feature-rich design to address the evolving needs of consumers and merchants alike. With a relentless focus on product excellence over pure marketing, Paytm has become the go-to app for secure, fast, and trusted UPI payments.It is the only UPI app to introduce the following innovations that simplify payments for freelancers, shopkeepers, students, businesses and households alike:This industry-first privacy feature empowers users to hide or unhide specific UPI transactions from their payments history, giving them greater control over sensitive payments like gifts, personal expenses, or confidential transfers. Hidden payments are removed from 'Balance & History' and moved to a secure 'View Hidden Payments' section, accessible only through user authentication. This keeps records intact without compromising privacy.Paytm enables downloading UPI transaction statements in PDF and Excel formats, making it easier to track expenses, manage budgets, and maintain financial records. This convenient feature supports personal and business needs by providing clear, downloadable reports for accounting and tax purposes.Paytm allows creating personalised UPI IDs, enabling secure payments with handles like name@ptyes or name@ptaxis, eliminating the need to share mobile numbers. This enhances privacy while providing a unique and convenient way to transact safely.Paytm provides the ability to check the balance of a UPI-linked bank account, as well as view the total balance across all bank accounts linked via UPI handles created on the platform. This offers a consolidated and convenient way to monitor funds without switching between multiple banking apps.Paytm introduces the 'Receive Money' QR widget, allowing cab drivers, delivery agents, and freelancers to place their Paytm QR code directly on the smartphone home screen. It enables quick and easy payment collection without opening the app, making transactions faster and more convenient.Additionally, the platform has introduced Auto Top-Up on Paytm UPI Lite, which automatically replenishes the balance from the linked bank account when it runs low. This ensures uninterrupted payments for small, everyday transactions, offering a convenient and seamless cashless experience while keeping bank statements clean and clutter-free.From the streamlined, clutter-free interface of Paytm UPI Lite and the ability to use RuPay credit cards on UPI, to the convenience of self-transfer for seamless transactions between multiple bank accounts, Paytm offers a secure, fast, and feature-rich UPI payments experience.These cutting-edge innovations reinforce Paytm's position as India's best and most trusted UPI app, committed to making digital payments smarter, safer, and more accessible for everyone. Paytm continues to lead India's transition to a secure and inclusive digital economy.
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Time of India
an hour ago
- Time of India
Cash may return as king as small vendors shun UPI
Academy Empower your mind, elevate your skills At many of Bengaluru's neighbourhood stores, the QR code stickers that made digital payments super easy have been replaced by printouts or handwritten notes that say, 'No UPI, only cash'.In a city that has regularly led the charts on digital payments, small vendors who had preferred UPI payments are now increasingly requesting cash from customers. Such vendors ET spoke with said they have either moved away from the UPI or scaled down on the use of payment apps, as many have received notices demanding goods and services tax.'I do a business of about Rs 3,000 a day and live on the small profit I make. I can't accept payment by UPI anymore,' said Shankar, a shopkeeper in Horamavu in Bengaluru who did reveal his full of unregistered businessmen, running neighbourhood shops to even those selling short eats, condiments, street foods, tea and biscuits from push carts have received notices demanding GST, in some cases running into lakhs of rupees, said the vendors as well as lawyers and accountants aware of the Vinay K Sreenivasa, joint secretary of the Federation of Bengaluru Street Vendors Associations, said many vendors are preferring cash to UPI fearing harassment by GST officials, as well as eviction by the civic authorities citing the tax GST law, businesses that supply goods must register for GST and pay tax if their revenue exceeds Rs 40 lakh a year. In case of services, the threshold is Rs 20 commercial taxes department, in a statement, said it has issued notices only in cases where the UPI transaction data for years since 2021-22 showed a turnover requiring GST registration and payment of tax. All such businessmen must take a GST registration, disclose the taxable turnover and remit taxes, it Arun Kumar, a former additional commissioner of commercial taxes in Karnataka, however, said the GST authorities cannot mention a random number as turnover and demand taxes. 'Under the GST laws, the burden of proof is on officers. They must establish it before arriving at a tax demand, unlike in money laundering cases,' he BJP MLA S Suresh Kumar said he would write to chief minister Siddaramaiah seeking his intervention in the matter.A former GST field official, recollecting from his own experience, said the entire money received through a payment app and captured in the GST notice may not reflect the business income. Some of which would be informal business loans and transfers from family members and friends, he said.'Bengaluru may emerge as a test case. If the GST authorities can net a good chunk of revenue by tapping unregistered vendors, other states too will take the cue as every state is desperate for funds,' said Bengaluru-based chartered accountant Sreenivasan Ramakrishnan of Sreeni & Associates. 'Officials have zeroed in on chat vendors with high business in Mumbai. It's only a matter of time considering the huge potential tax base,' he tax officials are exploring all possible sources to meet the Rs 1.20 lakh crore target that the CM has set for 2025-26. Siddaramaiah is walking a tightrope, caught between the obligation to spend Rs 52,000 crore on welfare guarantee programmes and demands from Congress MLAs for funds to build roads and bridges.
Time of India
6 hours ago
- Time of India
Using UPI data, govt cracks down on unregistered traders to boost GST revenue
Bengaluru: In a significant move to increase tax collections, the govt has begun using Unified Payments Interface (UPI) data to identify traders, especially those accepting payments via QR codes, who have evaded goods and services tax (GST) registration. After analysing UPI transactions, the commercial taxes department recently issued notices to some 14,000 traders. Officials say these individuals have crossed the mandatory GST registration thresholds but failed to register. Under GST rules, traders selling goods with an annual turnover above Rs 40 lakh or offering services above Rs 20 lakh are required to register. Those with turnover below Rs 1.5 crore can opt for the composite scheme, paying 1% tax without availing input tax credit. Vipul Bansal, commissioner, commercial taxes, said the crackdown is not just about revenue but fairness. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru "While the drive would help us ramp up tax revenue, the main objective is to get those who evade taxes to pay up. They too should abide by the law. It is also fair to those who are already paying tax," Bansal said. Currently, the state has about 10.3 lakh traders registered under GST. Officials estimate that at least another one lakh will be added through this enforcement drive. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What Is a Family Trust, and How Do You Set One Up? SmartAsset Learn More Undo This move is seen as critical to meeting the govt's ambitious commercial tax target of Rs 1.2 lakh crore this fiscal. So far, only Rs 26,241 crore has been collected, indicating a 13% shortfall. Taxing unregistered businesses could yield an additional Rs 10,000 crore. However, the enforcement has caused concern among small business owners, particularly grocery stores, bakeries, and vegetable vendors. Many have reported being asked to pay tax arrears dating back to 2021, with liabilities ranging from Rs 40 lakh to Rs 50 lakh — amounts they say are unmanageable in one go. "The govt's move is welcome and its intent unquestionable," said trade activist Sajjan Raj Mehta. "But it should not lead to harassment from tax officials as most traders tracked through UPI are small businessmen. The govt should be considerate to them." Traders argue that not all UPI transactions reflect business income, citing personal payments and fund transfers. However, officials say only traders receiving over Rs 40 lakh through UPI were targeted, and that these digital payments likely underestimate total turnover, which could include cash and card sales as well. BT Manohar, a member of Karnataka State GST Advisory Council, emphasised the need for fairness. "The drive has spread awareness among traders about GST rules and there is no denying that those liable must pay tax," he said. "If there are personal payments through UPI other than business transactions, then traders should be given the opportunity to present their case." The govt has clarified that hawkers and sales of exempted goods like bread will remain outside the GST ambit. Only sales of taxable goods, including items attracting 5% GST, including condiments will be scrutinised, besides those falling under the higher slabs. Bansal added: "The govt is ready to give traders a fair hearing and help them if their cases are genuine. The law allows traders to pay tax arrears in instalments and we will provide all possible help and support to them."
Economic Times
8 hours ago
- Economic Times
RBI closely monitoring global crypto moves as India mulls policy paper
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