Paytm has laid out a 3-year plan to make investments of up to Rs 5,000 crores towards to facilitate the growth of its business in the bank transfers and other digital payments space.
Paytm, which has signed up the unified payments interface (UPI) and IMPS channels, says its platform will enable its customers to make fund transfers from one account to another bank account using these payment gateways. It has created a dedicated ‘My Payments’ section within its app to functionalise this.
Apart from this, the e-wallet cum payments bank app is rolling out a feature through which customers can make payments of a regular/routine nature like rents etc., even if they are high in value.
The company has set a target of enabling transfers to the extent of Rs 60,000 crores a month by the end of 2018. There is also the objective to lift the number of overall transactions through Paytm in a year from the current 1 billion to 2 billion.
In order to make these new features on its app familiar with the customers, Paytm is currently involved in educating its customers. One of the first tasks it has to carry out is to complete the KYC compliance and that of linking the back accounts to the Paytm accounts.
Some of the regular remittances that people carry out like fees, transfers to children staying away from home or even pocket money, children making monthly payments to their parents or any type of peer-to-peer transfers can be automated and Paytm will take care.