Paytm expands UPI Service with Excel statement downloads for tax, expense management; check how it works

Paytm, a leading digital payments provider, has enhanced its Unified Payments Interface (UPI) service by introducing a new feature that allows users to download transaction statements in Excel format. This development, announced by the company, aims to assist users in better managing their finances, specifically aiding in tax filing and daily expense tracking.

The new Excel option is an addition to the existing PDF format, providing a more versatile tool for users to reconcile their financial records. This feature is available for Paytm UPI users linked with major banks such as Axis Bank, Yes Bank, State Bank of India, and HDFC Bank, allowing them to download detailed transaction statements for specific date ranges or financial years, complete with payment notes and tags for easier reconciliation. 

Paytm's latest update underscores its commitment to improving user experience by offering greater flexibility in financial management. The company's spokesperson highlighted that "the new Excel format for UPI statements provides greater flexibility in financial management." This feature is particularly beneficial for users aiming to streamline their financial data for personal budgeting or professional accounting purposes. 

Paytm's introduction of the Excel download feature comes at a time when digital payment platforms are increasingly seeking ways to offer enhanced services that facilitate better financial management for users. By continually refining and expanding its service offerings, Paytm aims to maintain its competitive edge and cater to a diverse user demographic. 

By expanding its capabilities, Paytm not only enhances user satisfaction but also strengthens its position in the competitive digital payments sector. Users can access this new feature via the 'Balance & History' section of the Paytm app, selecting their desired date range and choosing 'Excel' as the format before downloading.

How it will work

To download your UPI statement in Excel format from the Paytm App, follow these simple steps:

Open the Paytm App and navigate to the ‘Balance & History’ section.
Tap on ‘Download UPI Statement’ under payment history.
Select the desired date range for your statement.
Choose ‘Excel’ as the format and tap ‘Download’ to save and access your statement.

This simplicity in accessing financial data is expected to attract more users who value efficiency and convenience in managing their financial transactions. This move also highlights Paytm's adaptability in integrating user-friendly tools that meet the evolving needs of its customer base. 

Other services

In addition to the Excel statement feature, Paytm will expand its suite of UPI services to cater to a wide range of user needs. These services include UPI Lite, designed for small transactions, and the ability to link RuPay credit cards for credit-based UPI payments. Furthermore, Paytm supports auto-pay for recurring bill payments and facilitates bank account linking for seamless UPI transactions. These enhancements are part of Paytm's broader strategy to offer a comprehensive digital financial ecosystem, positioning itself as a competitive player against other fintech companies offering similar services.