Paytm on Monday announced the latest update to its mobile app with a revamp to the home screen, a new look to the Passbook tab, and a revamped Profile section. In the latest announcement, Paytm has also pushed towards usage of its Money Transfer service. The update is available on the Apple App Store as version 7.0 for iOS, and on the beta version of Android on Google Play. Gadgets 360 has learnt that the stable update will be available for Android users later this week.
Update: The update is now available for the stable version of the Android app as well, Paytm informed Gadgets 360.
While zero percent fees for transferring money from Paytm Payments Bank accounts to other bank accounts have been applicable for a while, the company is clearly pushing the use of this feature. The widespread adoption of money transfers is said to aid payment of house rent, tuition fees, wholesaler dues, freelancer fees, and salaries of unorganised workforce. Paytm, in its latest statement, claims that the digital payments platform has achieved a run rate of 1 billion transactions per quarter.
"We are very excited to introduce the new revamped interface on Paytm App. In continuation of our constant effort to provide our customers with the best user experience, the new design is refreshing and has upgrades to some of the most important flows including Money Transfers. I am very happy to share that we have successfully inculcated the use of Paytm as a habit in millions of Indians - to transact digitally online and on Paytm app using their preferred payment method. Our offline payments have also scaled as we pioneered Paytm QR, enabling merchants to accept payments directly into their bank accounts. We are overwhelmed with our users' trust in us and we will continue expanding our operations to every nook and corner of the country. This year, we are aiming for an exponential growth in Money Transfer transactions by transforming payments done in the unorganized sector - this will include freelancers, tuition fee, house rent, salaries of unorganized workforce and others into direct bank transfers using the Paytm app," said Kiran Vasireddy, COO, Paytm.
Disclosure: Paytm's parent company One 97 is an investor in Gadgets 360.