Paytm aims to process Rs 60,000 crore in monthly bank transfers

NEW DELHI: Aiming to process Rs 60,000 crore in monthly bank transfers by the end of the calendar year, payments company Paytm 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 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 company’s founder Vijay Shekhar Sharma had earlier announced that Paytm would invest Rs 5,000 crore in its core business this year to increase the number of transactions on its platform. Paytm, which started as a mobile wallet, has been diversifying into other businesses like bank transfers and ecommerce.
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.
One97 Communications, the parent company of Paytm, had raised $1.4 billion in equity financing from Japanese internet company SoftBank last year.