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Vijay Shekhar Sharma-Led Paytm Launches UPI SDK

The SDK will soon support new payment types like UPI LITE and UPI on Rupay credit card

Vijay Shekhar Sharma-Led Paytm Launches UPI SDK
POSTED ON May 26, 2023 10:00 AM

One97 Communications Limited (OCL), the parent company of the Indian fintech firm Paytm, has launched Paytm UPI SDK. Fueled by the technology of Paytm Payments Bank, the newly-launched feature claims to allow customers of online merchants to make UPI payments directly and in line from the merchant's mobile app without getting redirected during checkout. 

According to a press release by Paytm, customers can now enjoy a 4x increase in speed while making UPI payments through a 5x reduction in the number of taps. Additionally, they will not be subjected to any external redirection with this newly launched feature. The company is confident that UPI SDK will lead to faster transactions and an increase in customer retention. 

This new technological advancement will also play a pivotal role for online businesses to provide their customers with the ability to check account balances, create VPA handles, add more UPI-linked accounts and set UPI PINs in real-time before making a payment within their application.  

The SDK will soon support new payment types like UPI LITE and UPI on Rupay credit card, providing users with more flexibility without any additional integrations, the company added. 

Talking about the launch, Nakul Jain the CEO of Paytm Payments Services, said, “We continue to bring the best of innovative payment solutions for our merchant partners and users. With UPI being one of the most accepted payment methods, streamlining the online payments flow was critical for businesses. Now, our pioneering Paytm UPI SDK allows businesses to accept payments directly on their app. Doing away with redirection to a bank website or another payment app, leads to improved transaction success rates and ensures that users enjoy seamless payments.”

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