Paytm may process Rs 60,000 cr in monthly bank transfers by end of 2018

TIL Desk/Business/Mumbai/ One97 Communications, the company that owns Paytm, plans to process Rs 60,000 crore in monthly bank transfers by the end of this year. The company is also planning to invest Rs 5,000 crore in its core business, expecting to increase the number of transactions from 100 crore to 200 crore. It has unified bank transfers with the ‘My Payments’ feature on its app.

This will enable users to make recurring, high value payment and other monthly expenses in an instant.Using the app, bank transfers can be done from/to any bank account, making it easier to make payments at no charge. Even non-KYC Paytm users can avail the facility.

Paytm said there is no upper or lower limit to the number of payments or amount that can be transferred under the ‘My Payments’ feature. “We want to ensure our consumers are able to automate all regular payments without worrying about minimum balance requirements or transaction limits,” the company said.

With this new addition to its multilingual app, the company is confident of a substantial increase in the transactions. It has been aggressively educating users to link their bank accounts. “Our customers make regular recurring payments such as house rent, salaries of support staff, grocery payments online. This has led to a major surge in our Bank Transfer service.