Paytm Merges Bank Transfers With ‘My Payments’ to Allow High-Value Transactions

Paytm has been the favourite application of many whenever it has been about making or receiving payments online. Now with the new update which Paytm has announced the application will seemingly unify the bank transfers with the ‘My Payments’ section of the app. Post this feature unification, users will be able to make high frequency, high volume payments in a very quick manner. Users will also be able to payments to and from banks with zero charges, a facility which can even be availed by non-KYC users of the app.

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Paytm has been setting audacious goals for itself since the beginning, even now the company is continuing to do so by putting plans in place for expanding the number of transactions from one billion to two billion this year. There is also the aim of processing Rs 60,000 crores in monthly bank transfers, along with investing Rs 5000 crore into its core business.

Deepak Abbot said the following about the new update on the Paytm app “We have now simplified these payments with ‘My Payments’ and are expecting six-fold growth is owing to this rapid shift in consumer behaviour in favour 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.”

Only recently, Paytm had also launched an update which cut down the bank transfers costs to zero. Earlier there was a long process to be followed while transferring money from wallet to bank accounts, there was also a fee levied on the same.

Starting this month, Paytm also announced its partnership with the Andhra Pradesh State Road Transport Corporation (APSRTC) under which Paytm will finally start offering bus reservation on the state transport system on its app. The app will now accept payments for 3,276 APSRTC buses over 1,250 routes.

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