- New feature lets users make recurring, high-value transfers to cover monthly bills and other expenses
- Comes just after Paytm launched bank-to-bank transfer service
- No minimum or maximum monthly payment or transaction amounts
International money transfer platform Paytm continues to expand its offerings, now with an in-app automatic payment feature called 'My Payments'. The new service lets users transfer high amounts to cover monthly expenses.
My Payments joins Paytm's bank-to-bank transfer service, another new app feature that makes it possible for users to send money from their bank account directly to any other bank with no fees.
With My Payments, Paytm app users can set up automatic recurring payments to or from any bank account with no minimum balance or transaction limits. These transfers can be set in any amount, with no additional limits on the number of transactions that can be sent in a single month.
Users can schedule recurring payments – like rent, tuition, subscriptions or utilities – for any day of the month to either individuals or businesses.
Paytm currently processes roughly one billion transactions each quarter. With new features like My Payments, the company aims to increase its transaction volume to as much as twice the current figure.
According to Paytm officials, the service expansion on the platform is not necessarily intended to generate additional revenue for the app. The goal instead is to improve customer satisfaction and loyalty, as well as to offer incentives for new users to give the app a try.
In a statement announcing the new service, Paytm officials said they wanted to give customers greater peace of mind by removing minimum balance requirements and transfer limits.
"Our customers make regular recurring payments such as house rent, salaries of support staff, grocery payments online. This has led to a major surge in our Bank Transfer service. We have now simplified these payments with 'My Payments' and are expecting 6X growth owing to this rapid shift in consumer behavior in favor of going cashless," said Deepak Abbot, Senior Vice President at Paytm.
