Mobile commerce platform Paytm on Thursday introduced the Immediate Payment Service (IMPS) on its platform, which means Paytm users can now use their mobile wallets to transfer money into any bank accounts.
The company has also announced plans to open about 50,000 retail outlets where over 25 million Paytm users will be able to load cash in their mobile wallets.
In order to avail the wallet to bank account transfer facility, a user has to be mobile or email verified and must be registered on the system for over 45 days. The balance in the Paytm wallet must be a minimum of Rs. 2,000 and the transaction amount must exceed Rs 1,000. The daily upper limit for wallet to bank account transactions is Rs. 5,000 and the monthly limit is Rs. 25,000. Paytm announced these details via an email statement.
Speaking on the development, Amit Lakhotia, Senior Vice President, Paytm said, "With the introduction of IMPS, we aim to encourage users to hold funds in their Paytm wallets and also expand the scope of what they can do with this money. The fact that they can now use the funds in their wallets to transfer money into banks and not just for wallet-to-wallet transfers will be a true game changer. This move will set the pace of our economy to become a cashless economy."
Written with inputs from PTI