The e-payment giant Paytm has launched a new ‘My Payments’ feature for its users by unifying bank transfers. It also allows users to make recurring, high-value payment and other monthly expenses in an instant. Under the new feature, one can transfer money from one bank account to another with zero % fee and the same is also applicable for non-KYC Paytm users.
This leap from being just a digital wallet to a fully-fledged payment platform has been possible because of the change in consumer behavior. As more and more people are now making recurring payment of high value like house rent or driver’s salary, the Paytm’s Bank Transfer service witnessed a surge.
Eventually, the company decided to simplify the bank transfer service with the ‘My Payments’ feature. By introducing this new feature, Paytm is hopeful of a substantial increase in the Bank Transfer transactions through its platform. The aim is to process monthly bank transfers worth INR 60,000 Crores by the end of this year.
The feature not only allows the users to enable transfers within bank accounts but it also eases regular payments of bills, rents, and other expenses. For this, the user will first have to link his bank account with Paytm and enter details of the payee.
Once a payment is made, select “add new” and select a category in the ‘My Payments’ option. Then enter the details of the receiver and choose whether the amount is to be deducted from the bank account or from the Paytm wallet.