Adding another feature in its kitty, Paytm has introduced in-app automatic recurring payments ‘My Payments’ feature for making recurring, high-value payment and other monthly expenses in an instant.
The latest integration comes on the heels of the Noida-based company’s bank to bank transfer service which lets users send money from their bank account to any other bank account at 0 per cent charge.
Through My Payments feature, 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.
To automate all regular payments without worrying about minimum balance requirements or transaction limits, the Alibaba-backed company also said that there is no upper or lower limit to the number of payments or amount that can be transferred under the feature.
It added that customers can schedule payments for a particular day of every month. These would be pre-decided amounts that can be paid to certain individuals or businesses (such as EMIs) on a certain date.
Currently, Paytm processes about 1 billion transactions every quarter and aims to double the figure to 2 billion. Besides, the payments-cum-e-commerce firm aims to process Rs 60, 000 crore in monthly bank transfers by the year-end.
With the newly added feature, Paytm eyes a substantial increase in the transaction via regular recurring payments such as house rent, tuition fees, maid/driver’s salary, milk or newspaper, etc.
According to Deepak Abbot, senior vice president Paytm, though this is not directly a revenue generation product, but peer-to-peer payments help increase customer stickiness and also expand use cases of the application.
So far Paytm has been offering users the option of transferring funds between their mobile wallets, and facilitate real-time interbank transactions facility via UPI and IMPS.
Since UPI integration Paytm has been growing by leaps and bounds. During last month Paytm had registered about 63 million UPI-based transactions which count 33 per cent share in UPI transaction during the same period.
The company has already announced to invest over Rs 5,000 crore in 2018, which will be primarily deployed towards financial services and payments.
The development was first reported by Business Standard.