Paytm can be touted as the pioneer for introducing digital payment in India and ever since its inception in 2010, the e-payment giant has been setting a benchmark for other competitors in the same market.
Paytm can be touted as the pioneer for introducing digital payment in India and ever since its inception in 2010, the e-payment giant has been setting a benchmark for other competitors in the same market. The Vijay Shekhar founded company has now launched a new feature for its users. Paytm has unified its Bank Transfers for its customers with new ‘My Payments’ feature. The new feature will enable Paytm users to make recurring, high-value payment and other monthly expenses in an instant.
Using the Paytm app, Bank Transfers can be done from any Bank Account to any Bank Account, making it easier for customers to make payments at zero per cent charge. Even non-KYC Paytm users can avail this facility.
Deepak Abbot, Senior Vice President – Paytm said, “Our customers make regular recurring payments such as house rent, maid/driver’s salary, milk or newspaper vendor payments online. This has led to a major surge in our Bank Transfer service. We have now simplified these payments with ‘My Payments’ and are expecting 6X growth owing to this rapid shift in consumer behaviour in favour of going cashless. Our users understand that Paytm is more than just a digital wallet company and we will continue adding more such customer-centric features while educating users about the convenience they can experience by using Paytm every day.”
With this new addition to its multilingual app, the company is confident of a substantial increase in the Bank Transfers transactions on its platform. Paytm is aiming to process Rs 60,000 Crore in monthly Bank Transfers alone by the end of this year.
It has been aggressively educating its users to link their bank accounts and experience instant and secure Bank Transfers for a wide variety of regular use cases like house rent, business payments, fee, salaries and peer-to-peer payments among others, while emerge as a one-stop solution for all payments and bank transfer needs. The company is also planning to invest Rs 5000 Crore in its core business, expecting to increase the number of transactions from 1 Billion to 2 Billion this year.