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Mobile payment and e-wallet platform Paytm has recorded exponential growth in last two months. As per reports, Paytm has registered over 300 percent growth in offline store transactions in just one week after the demonetization of Rs. 500 and Rs. 1000 notes by the Government of India.
To meet the growing demand of online transactions and to offer a streamlined experience, Paytm has added 5 new features to its mobile app for users and merchants.
These features will give Paytm a chance to tap even larger audience, i.e. citizens of India, who are dealing with cash crunch on daily basis. Have a look.
Self-declared merchants can now accept up to Rs. 50,000 directly in their bank accounts
Paym will now allow merchants to self-declare themselves on the app itself to start accepting up to Rs. 50,000 directly in their bank accounts. As noted, the amount is settled at midnight every day and the settlement charges remain 0% to merchants' Paytm Payments Bank account.
In order to self-declare themselves, merchants need to tap on ‘Accept Payment' in the updated Paytm app, select ‘Bank Account', enter bank details and confirm. Merchants need to make a note that the wallet balance of a self-declared account should not exceed Rs 20,000 post which the amount is settled directly to the merchant's bank account.
Adding money is now faster and can be done on a single-screen
The updated app makes it easier and faster to add money to your Paytm wallet. The process happens on a single screen and translates into quicker load times for a faster user experience.
Set Fingerprints as Paytm password
To make your e-wallet more secure, Paytm has added the biometric support to the app. You can now set your fingerprints as your Paytm passwords.
Pay anyone by scanning the recipient’s Paytm QR Codes from phone’s Image Gallery
Another notable addition to the app is the support to scan QR codes from phone's image gallery to pay anyone. To do this, you need to tap on the upper-right corner of the screen and tap on ‘Scan Paytm QR from Gallery' to scan the recipients QR codes.
Queries can be addressed on the Paytm Community Forums
Last but not the least, Paytm has added ‘Paytm Community Forums' option in the app. The feature will allow users to get their queries addressed by the 10 million active users on the platform.