On Monday, the firm that owns the digital payment major Paytm has announced the unification of bank transfers for its customers with the new 'My Payments' feature on its app. The firm is owned by One97 Communications Limited.
These new features will enable the Paytm users to make recurring, high-value payment and other monthly expenses. Using this money wallet, bank transfers can be done from and to any bank account. To make it easy for the customers to make payments at zero charges, a facility which even non-KYC Paytm users can avail.
With this new amendment in the multilingual app, Paytm is aiming to process Rs 60,000 crore in monthly bank transfers. This will be done alone by the end of this year. The popular digital wallet is also planning to invest Rs. 5000 crore in its core business. BY this they are expecting to increase the number of transactions from one billion to two billion this year.
According to Paytm Senior Vice President, Deepak Abbot, they 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.