Paytm may process Rs 600 bn in monthly bank transfers by end of this year

Paytm said there is no upper or lower limit to the number of payments or amount that can be transferred under the 'My Payments' feature.

One97 Communications, the company that owns Paytm, plans to process Rs 600 billion in monthly bank transfers by the end of this year. The company is also planning to invest Rs 50 billion in its core business, expecting to increase the number of transactions from a billion to 2 billion.

It has unified bank transfers with the 'My Payments' feature on its app. This will enable users to make recurring, high value payment and other monthly expenses in an instant. Using the app, bank transfers can be done from/to any bank account, making it easier to make payments at no charge.