Paytm has introduced the My Payments feature in the Paytm app, which will help users make huge, hassle-free, recurrent transactions or payments. Now the transactions from one bank to another can be done without any charges. This new feature will be available to non-KYC Paytm users too.
Deepak Abbot, senior vice-president of Paytm, has explained the reason behind this reason. They have, over time, observed that many major transactions, such as bill payments for the house rent to paying the milk vendor online, have caused a major surge in its bank transfers service. Paytm My Payments feature will simplify this process. There will be no upper or lower limits on the total number of payments or the amount of money that can be transferred to My Payments.
The new feature is expected to boost its growth by six times, and the company aims to process INR 60,000 Cr in monthly bank transfers by the end of this year.
The new feature will help the customers schedule monthly bill payments for a particular day of the month, and they can choose to make the payments recurrent, which will take place on that same date every month. The app will require express consent from the users to process any payment requests so that they will be aware of the bank balance deductions from their account.
We want to ensure that our consumers are able to automate all regular payments without worrying about minimum balance requirements or transaction limits. – Deepak Abbot senior vice-president of Paytm
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The officials at Paytm are expecting this to help increase the number of transactions from 1 billion to 2 billion this year. “We will also invest heavily in products that would help us build on top of our existing services,” Deepak Abbot added.
The annual gross transaction value of the company went from $5 billion in March 2017 to $20 billion in March 2018.