One97 Communications Limited, that owns the brand Paytm, on Monday said it plans to unify bank transfers through the launch of the ‘My payments’ feature on the Paytm application.
This feature aims to make recurring, high-value payments, and other monthly expenses in an instant.
Using the Paytm app, Bank Transfers can be done from any bank account to another, making it easier for customers to make payments at zero percent charge. Further, this feature is instrument agnostic, meaning customers can make this through a bank transfer, Paytm wallet, and UPI, among other payment options.
Speaking to YourStory, Deepak Abbot, Senior Vice President at Paytm said,
“We basically realised that we have several relationships with the user and they use us for various things from bill payments to P2P transactions. And we realised that 60 percent of our customers do repeat transactions to the same set of users, merchants or kirana shops. Realising customers have to keep doing this, we thought of looking at recurring payments.”
Being the first step for personalising payments, Deepak says that moving forward, Paytm’s homepage will start showing options of services and payments which the users use on the Paytm app and ecosystem.
“The home page will start looking at services that you use and show relevance. So, if you use Paytm to pay your Vodafone bill, so instead of showing Mobile Postpaid, we will show you a Vodafone icon. Hence, 70 percent of the real estate of Paytm will be about personalisation and the rest 30 percent will be what Paytm would like to push in terms of new features. This is the first step actually at decluttering Paytm.”
Through this feature, Paytm is looking at average transaction sizes of Rs 3000-Rs 5000, which also includes P2P transfers as payments for house rent or maid and driver’s salary.
Further, this acts as an addition to ‘Automatic Payment’, another feature of Paytm where users can set a rule engine allowing Paytm to directly pay when a certain bill or amount is due.
At present, to facilitate bill payments, Paytm can send a reminder to customers about their due bill payment if it has a tie-up with the service provider, and customers can pay their bills with one tap through ‘My payments’, rather than again inputting the credentials.
With this feature, Paytm aims to process Rs 60,000 crore in monthly bank transfers alone by the end of this year, and 6x growth overall.
At present, Paytm has close to 106 million KYC users.
The company, earlier this month, also said it was planning to invest Rs 5000 crore in its core business, and expects to increase the number of transactions from 1 billion per quarter to 2 billion this year.
Paytm is also looking to make upgrades to its money transfer feature in coming weeks.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.