Adding another feature to its Kitty, Digital Payment Major Paytm has come up with an automatic recurring payments feature that will allow recurring, high-value payment and other monthly expenses to happen in an instant.
Titled as “My Payments”, the feature enables bank transfers from/to bank account making it easier to make payments at no charge. Even non-KYC Paytm users can avail the facility.
Deepak Abbot, Senior Vice President, Paytm said,
Our customers make regular recurring payments such as house rent, maid/driver’s salary, milk or newspaper vendor 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 behaviour in favour of going cashless.
The Noida based company also informed that there will be no minimum balance requirement or transaction limits to automate all regular payments. Moreover, there is no upper or lower limit to the number of payments or amount that can be transferred under the feature.
It is interesting to know that customers will be able to schedule payments for a particular day of the month under this feature. These would be pre-decided amounts that can be paid to certain individuals or businesses (such as EMIs) on a certain date.
At present, Paytm processes about 1 million transactions every quarter which shall double to 2 billion as per company’s aim. Besides, the e-commerce cum payement firm aims to process Rs 60, 000 crore in monthly bank transfers by the year-end.
Now with the new feature added to its interface, Paytm is looking forward to a substantial increase in the transactions via regular recurring payments such as tuition fees, house rent, maid/driver’s salary, milk or newspaper etc.
Post UPI Integration, Paytm has witnessed tremendous growth registering about 63 million UPI-based transactions which count 33 per cent share in UPI transaction during the same period.
Moreover, the company has also announced to invest over Rs 5,000 crore in 2018 targeted primarily towards financial services and payments.