Targeting to process ₹60,000 crore in monthly bank transfers by the end of this calendar year, Paytm is going to offer more convenient tools for transactions. As a part of the move, the company has introduced a new feature to unify bank transfers for its customers.
Under the ‘My Payments’ feature, Paytm will allow users to make recurring, high value monthly payments to and from any bank account at 0% charge. The idea is to attract more customers and increase transactions on the platform.
“Our customers make regular recurring payments such as house rent, maid/driver’s salary, milk or newspaper vendor payments online. This has led to a major surge in our bank transfer service. We have now simplified these payments with ‘My Payments’ and are expecting 6x growth owing to this rapid shift in consumer behaviour in favour of going cashless,” said Deepak Abbot, senior VP, Paytm.
The new service will be available to both KYC and non-KYC users. The company has 100 million KYC-compliant mobile wallet customers out of 220 million using its payments service.
Paytm has been focusing on its banking platform since the new KYC rules kicked this year. The wallet service of Paytm had faced a dip in customer base due to the updated KYC norms.
Earleir this year, Paytm had planned to invest ₹5,000 crore in its core business to drive more transactions on its platform.