On Thursday, Paytm rolled out the newest version of its iOS app, finally bringing BHIM UPI a couple of months after the facility launched on Android in November. With the latest update, you can use the Paytm app on your iPhone to connect and operate your bank account via UPI, and you can send money to any bank account through this. Apart from this, Paytm Payments Bank savings account holders can now order a physical debit card from the app itself.

The BHIM UPI update is the same feature as seen on Android; there is only one difference as far as we can tell - in both iOS and Android the UPI button comes in the top banner, but on Android it has the word "Cashback" highlighted above it, while iOS does not. Other than that, it functions the same as it does on Android.

You tap on the button to create your Virtual Payment Address (VPA) by linking your bank account. You don't need to have a Paytm Payments Bank account, or even a Paytm Wallet, in order to use this functionality - the payments bank is separate from the Paytm wallet, while UPI allows you to link a VPA to any participating bank. This means you could have an SBI or ICICI account, and still choose to operate it via the Paytm app.

The UPI integration is a part of the main Paytm app, so you just need to update it on your iPhone - in the top banner, you'll see a button marked BHIM UPI, and it has the same icon as the BHIM app. Tap on this to create your VPA and link your bank account.

You can't choose your VPA with the Paytm app, and it uses your Paytm account number. This is the same as your phone number - so if your phone number is 9876543210, your UPI VPA will be 9876543210@paytm.

Apart from this, as mentioned above, the other new development is the addition of being able to order a physical debit card from the app. This is only applicable if you have a savings account with the Paytm Payments Bank (which can also be accessed via the Paytm app). This is only for people who have accounts with the Paytm Payments Bank - it is not for the Paytm Wallet, which is a separate financial device altogether.

When you sign up for a Paytm Payments Bank account, you are issued a virtual RuPay card that you can use online at no additional charge. The physical card is also a RuPay card, can be used at stores and ATMs. The cost for the debit card is an annual subscription of Rs. 100, plus delivery charges; a lost card replacement will also be charged at Rs. 100 plus delivery. You can use the card with no additional charges at ATMs up to three times at metro locations, or five times at non-metro locations, as per the Paytm Bank website. After that, there is the standard Rs. 20 per transaction fee.

In case you don't already have a Paytm Payments Bank account, you can get one quite easily - just tap the Bank icon on the bottom screen, and then enter your details, and your Aadhaar number. You then set up an appointment for a representative to come and complete the KYC formalities, and then you can use the bank account. The bank account has no minimum balance requirement, though maximum balance is capped at Rs. 1 lakh. Unlike a wallet, payments banks are allowed to offer interest on deposits, and Paytm Payments Bank is offering interest at 4 percent per annum. Paytm also says that all electronic transfers including UPI from the bank account won't see any transaction charges.

Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.

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