Paytm Sees Average Of Rs 60,000 Crore From Monthly Inter-Bank Account Transactions

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    The Indian e-commerce payment system and digital wallet company - Paytm, is targeting an average monthly inter-bank account transaction of Rs 60, 000 crore through its platform by the end of this year. This will be accomplished through a new feature of bank transfers option which will be added to the mobile application.

    Paytm Sees Average Of Rs 60,000 Crore From Monthly Inter-Bank Account Transacti
     

    The e-wallet company is already offering an option to transfer funds between the user's mobile wallets, has expanded it to bank transfers using UPI and IMPS. Unified Payments Interface (UPI) and Immediate Payment Service (IMPS) are run by the National Payments Corporation of India (NPCI) and facilitate real-time inter-bank transactions.

    "We have simplified the product for the users allowing them to transfer funds by using the wallet or any connected bank account," said Deepak Abbot, senior vice president at the SoftBank- and Alibaba-backed company. "We are trying to promote this product for all recurring payments like tuition fees, rent payments, and others'.

    Addition of this option to the Paytm platform is a crucial development for Paytm. It claims that the new option will facilitate around 5 million peer-to-peer transactions in a day.

    The Reserve Bank of India has made it mandatory for all the customers of the bank to provide KYC requirements for transfer of funds using wallets, this feature allows even non-KYC Paytm users to transact directly through bank accounts.

    Apart from the bank, customers can now use the Paytm Payments Bank account for transferring their funds.

    Read more about: paytm bank transfer
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more