Paytm with its “My Payments” app aims for Rs.60,000-crore bank transfers
One97 Communications Limited that owns the brand Paytm has further unified bank transfers for its customers with the new “My Payments” feature on its app. This 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 0% charge. Even non-KYC Paytm users can avail this facility.
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.5,000 crore in its core business, expecting to increase the number of transactions from 1 billion to 2 billion this year.
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.”