Paytm's new UPI feature makes buying stocks a breeze
What's the story
Paytm has launched a new feature for automatic payment deductions from bank accounts, but this time, it is specifically for trading on equity broking apps.
The innovative feature will let Paytm UPI users conduct trades directly without having to transfer large sums of money into their brokerage accounts.
The funds will stay in the user's bank account, earning interest until the actual trade is executed.
Automated process
UPI trading blocks: A seamless trading solution
The new feature, dubbed 'UPI Trading Blocks,' is based on the NPCI's UPI infrastructure. It guarantees that funds are deducted only when the trade is executed.
This automated process saves users from entering a UPI PIN for every transaction, offering more transparency as money stays in the investor's bank account until it is required for a trade.
Tracking trades
Paytm app: Your hub for fund management
Once a trade is completed, users can keep a track of their funds and manage them through the Paytm app.
As of now, the feature is available for UPI handles of Axis Bank (@ptaxis) and Yes Bank (@ptyes).
The company plans to expand the service to State Bank of India (@ptsbi) and HDFC Bank (@pthdfc) soon.