Paytm Makes it Simple to Track Expenses by Launching the UPI Statement Download Option

Nitin Konde, Varun Bhardwaj

Nov 7, 2024 — 2 min read

Paytm Introduces UPI Statement Download for Simplified Budgeting

Paytm, a major player in digital payments, has introduced a new feature that lets users download UPI statements straight from the app. By providing transaction data in an easily readable, downloadable PDF format, this update seeks to simplify the process of keeping track of spending and being ready to file taxes.

The "Balance & History" area of the app is where Paytm users may access the new UPI statement download option. In order to generate comprehensive statements that include transaction amounts, recipient information, bank accounts used, and timestamps, users can choose particular date ranges or even full fiscal years. These documents, which are organised, help users manage their financial records, budget, and keep tabs on their expenditures.

It is anticipated that both people and tax professionals will find the UPI statement download service very helpful. Users can keep thorough records with this function, which makes tax filing and spending reviews easier.

Service Will Bring in More Transparency and Help in Managing Finances

According to a Paytm spokesperson, the service is made to satisfy the demands of consumers who value openness and simplicity in handling their money. The company's dedication to developing mobile payments motivates it to provide services that make financial management easier and give its customers convenience. The company provides quick access to transaction history through the UPI statement download, enabling consumers to make wise financial decisions.

Along with this capability, Paytm keeps improving its services by adding features like UPI Lite, which enables uncluttered bank statements for minor transactions under INR 2,000.

The platform's reputation as a complete digital payments solution is further supported by its ability to link RuPay Credit Cards with UPI, auto-pay for smooth bill payments, and self-account transfers.

Paytm Receives NPCI Approval to Onboard New UPI Customers

Last month, One97 Communications (OCL), the firm that runs the Paytm brand, announced on 22 October 2024 that it has been given permission by the National Payments Corporation of India (NPCI) to onboard new UPI users.

In a letter to Vijay Shekhar Sharma, the founder and CEO of the Noida-based company, NPCI chief Dilip Asbe gave the company permission to start onboarding new users. The NPCI's procedural rules and agreements with Payment Service Provider (PSP) banks govern the permissions.

According to the filing, "Paytm would like to notify the exchange that the National Payments Corporation of India (NPCI) has authorised the company to onboard new UPI users in accordance with all NPCI procedural standards and circulars, as stated in a letter dated October 22, 2024." The corporation may see a rise in UPI transaction volumes as a result of the decision to onboard new users.

The fintech major's associate entity, Paytm Payments Bank, was subjected to severe restrictions by the banking regulator in January, which resulted in a substantial decline in its UPI market share. The NPCI's approval will fume fresh energy into the business operations of Paytm.