Paytm introduces Bank to Bank transfer at 0% fee, to invest Rs 5K Cr in fintech

Paytm
Image credit: Paytm

Paytm, which claims to have over 300 million registered users, has now added another feature in its payments option. The One97 Communications-owned company has enabled a bank to bank transfer option on Paytm app to send money from your bank account to any other bank account at 0 per cent charge.

According to company’s blog and an announcement on Twitter, customers will be charged 0 per cent for transferring money from one bank account to another bank account using its UPI services or Paytm Payments Bank Account.

However, if a customer sends money from Paytm wallet to his bank account, he will have to pay 3 per cent charge for the service.

Paytm

Notably, the services of Paytm Payments Bank is limited to Indian banks only. However, Paytm is working to launch more range of bank products and services.

This is the third feature announced in the past one month. Last month, it announced to launch foreign exchange as well as cross-border payments via Paytm app. It has received approval from Reserve Bank of India (RBI) through its payments bank for facilitating the service.

Also Read: With a movie focused loyalty product, Paytm triggers another assault on BookMyShow

Besides, the payment major recently introduced payments feature for select users in Chennai in the form of near field communication enabled physical card – Paytm Tap Card. This Tap card can be used as an offline payment mode by using Paytm wallet.

The Tap Card essentially will work with NFC PoS terminals issued by Paytm and users can add money from their Paytm account by scanning the QR code on the Tap Card and by authenticating it at any of the add value machines (AVM).

Meanwhile, Vijay Shekhar Sharma has also announced to invest over Rs 5,000 crore in 2018, which will be primarily deployed towards financial services and payments.

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