Digital-payments giant Paytm announced it will invest Rs 5000 crore over the next three years. Paymt aims to increase bank transfer and other payments facilities for customers through its platform.
The Alibaba and SoftBank subsidised company said it has merged bank transfers under a new My-Payments feature. It allow its users to transfer money from one bank account to another by using UPI and IMPS.
Paytm: Aims at Increasing Bank Transfers
“With this new addition to its multilingual app, the company is confident of a substantial increase in the bank transfers transactions on its platform. Paytm is aiming to process Rs 60,000 crore in monthly bank transfers alone by the end of this year,” the company said in a statement.
“It has been aggressively educating its users to link their bank accounts and experience instant and secure bank transfers. This can be applicable on a wide variety of regular use cases like house rent, business payments, fee, salaries and peer-to-peer payments. It seems emerging as a one-stop solution for all payments and bank transfer needs,” it added.