Paytm rolls out 'My Payments' to help users transfer money to bank accounts

Paytm, which is an Indian e-commerce payment and digital wallet company, is working on unifying the bank transfers on its platform. The new feature will be known as 'My payments' feature. The new feature will be focusing on recurring, high-value payments along with monthly expenses. The new feature is also being expected to bring a six times more growth in monthly bank transfers that will be made on the platform.

It is being reported that by using the new feature, a user will now be able to make bank transfers from any of the bank accounts at zero percent charge. This will be only available when a user makes payments using their Paytm wallets, UPI, or another mode of payment options available on the platform. Deepak Abbot, Senior Vice President at Paytm, commented that:

"We basically realized that we have several relationships with the user and they use us for various things from bill payments to P2P transactions. And we realized that 60 percent of our customers do repeat transactions to the same set of users, merchants or Kirana shops. Realizing customers have to keep doing this, we thought of looking at recurring payments."

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Also, Abbot had further made some revelations that going forward, the Paytm's home page will also start showing the personalized options for its services and payments. It will completely be dependent on an individual user's transactional history. Abbot further commented that "So, if you use Paytm to pay your Vodafone bill, so instead of showing Mobile Postpaid, we will show you a Vodafone icon. Hence, 70 percent of the real estate on Paytm will be about personalization and the rest 30 percent will be what Paytm would like to push in terms of new features,"

Along with the introduction of the new features, Paytm believes that an average transaction will be between Rs. 3,000 and Rs. 5,000. The transactions made will also include P2P transfers as a payment mode. The new feature will also function as a supplementary feature for the Paytm's 'Automatic Payment' feature. The 'Automatic Payment' feature allows a user to automatically make the payments for the recurring services. After the feature is released, Paytm further aims towards reaching Rs. 60,000 crore in monthly bank transfers on the platform by the year-end. This is an overall six-time growth Paytm will see with the release of new features.