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To make it more user-friendly and intuitive, mobile payments firm Paytm has revamped its app.The new update personalizes the app experience for the user, showcasing frequent use cases at a customized level.
"We have made sending money to anyone easier by reducing the number of steps, adding more options for the funding source, optimizing the backend and adding features such as Recents. This will now help you make quicker payments on Paytm," the company said.
Paytm said that the platform is used by millions of users for online transactions on Paytm and on other popular apps/websites, offline stores (through Paytm QR). This, combined with its reach of seven million offline merchants makes Paytm the dominant player in this space. The company has already achieved a run rate of one billion transactions per quarter, making it the largest payments service provider in the country, reaffirming its leadership.
With this revamp, Paytm aims exponential growth in Money Transfers this year. It has been aggressively educating users to link their bank accounts and experience instant transfers using the Paytm app. This will address the money transfer need for the variety of use cases like house rent, supplier/ wholesale dues, tuition fee, freelancers, salaries of an unorganized workforce, peer-to-peer payments among others. The increased thrust on Money Transfers has aided the company in taking the new KYC norms in its stride and has been able to sustain the growth in transactions.
Kiran Vasireddy, COO - Paytm said, "In continuation of our constant effort to provide our customers with the best user experience, the new design is refreshing and has upgraded to some of the most important flows including Money Transfers."
He said our offline payments have also scaled as we pioneered Paytm QR, enabling merchants to accept payments directly into their bank accounts. This year, we are aiming for an exponential growth in Money Transfer transactions by transforming payments done in the unorganized sector - this will include freelancers, tuition fee, house rent, salaries of an unorganized workforce and others into direct bank transfers using the Paytm app."