Paytm launches BHIM UPI payments

According to the company, users can create their own Paytm BHIM UPI ID on the app, which will be issued by Paytm payments bank.

"Paytm users can link any of their savings bank account with this unique Paytm BHIM UPI id and start sending and accepting money," the company said in a statement.

The company said it will train its five million merchant partners to create their Paytm BHIM UPI ID and accept money using the same. 

"As per the National Payments Corporation of India (NPCI) guidelines, users can send up to Rs 1 lakh a day using BHIM UPI; while there's no receiving limit," it added.