Paytm on Monday announced the unification of 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 and to any bank account, making it easier for customers to make payments at zero charge, a facility which even non-KYC Paytm users can avail.
With this new addition to its multilingual app, Paytm is aiming to process Rs. 60,000 crores in monthly bank transfers alone by the end of this year. The company is also planning to invest Rs. 5000 crore in its core business, expecting to increase the number of transactions from one billion to two billion this year.
"We have now simplified these payments with 'My Payments' and are expecting six-fold 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," said Paytm Senior Vice President, Deepak Abbot.
To recall, earlier this month Paytm had made bank transfers simpler on its app, allowing users to transfer from bank to bank for free.
Also earlier this month, Paytm said it had tied up with the Andhra Pradesh State Road Transport Corporation (APSRTC) to offer online bus reservations via its app. The facility was said to be available for 3,276 APSRTC services on 1,250 routes.
Written with inputs from ANI
Disclosure: Paytm's parent company One 97 is an investor in Gadgets 360.