Paytm eyes Rs 60,000 crore from interbank transactions

Paytm is targeting average monthly interbank account transactions of Rs 60,000 crore through its platform by the end of the year, to be achieved through a new feature of bank transfers that the digital payments company added to its mobile application.

Paytm, which already offers users the option of transferring funds between their mobile wallets, opened up bank transfers using UPI(Unified Payments Interface) and IMPS (Immediate Payment Service). UPI and IMPS are run by the National Payments Corporation of India(NPCI) and facilitate real-time interbank transactions.

“We have simplified the product for the users allowing them to transfer funds by using the wallet or any connected bank account,” said Deepak Abbot, senior vice president at the SoftBank- and Alibaba-backed company. “We are trying to promote this product for all recurring payments like tuition fees, rent payments, and others…”

Adding this feature to the platform is a significant development for Paytm, which claims to facilitate around 5 million peer-to-peer transactions a day on its platform.

At a time when the RBI has introduced mandatory KYC requirements for fund transfer between wallets, this feature allows even non-KYC Paytm users to transact directly through their bank accounts. Customers can also use the Paytm Payments Bank account for fund transfers.

“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,” said Abbot.

Source : TechGIG

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