One97 Communications Limited, the firm that owns digital payment major, Paytm, 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 crore 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 behavior in favor 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.