Paytm, the Indian payment gateway mammoth, has redesigned its app to make it more user friendly and spontaneous. The application update allows users to personalize the app and provide a better overall experience to the user by displaying the most used ways of customizing the app.
Transferring money is also something that the Paytm engineers worked heavily upon by making it easier, simpler and faster. Furthermore, now Paytm will also offer instant transfers from a user’s Paytm Payments Bank account or Paytm wallet to any other bank without charge. The major feature of this new look is the possibility to make bank-to-bank transactions under the section of ‘Money Transfers.’ The payment gateway app provisioned a budget of Rs 250 crore to endorse money transfers and presumes that this new option will account for one-third of the total transaction by the end of 2018.
The passbook revealing all the account history and balance has also been redesigned to show all the necessary data in a snapshot.
“We are very excited to introduce the new revamped interface on Paytm App. In continuation of our constant effort to provide our customers with the best user experience, the new design is refreshing and has upgrades to some of the most important flows including money transfers. I am very happy to share that we have successfully inculcated the use of Paytm as a habit in millions of Indians – to transact digitally online and on Paytm app using their preferred payment method. Our offline payments have also scaled as we pioneered Paytm QR, enabling merchants to accept payments directly into their bank accounts,” said Kiran Vasireddy, COO, Paytm
Paytm has evolved positively over the years going from being simply an e-wallet company to a full pile of payment methods and presently offers diverse source and destination solutions. Currently, millions of users use the platform for their online transactions through its website or app and offline stores.
The partnership between Paytm and over seven million offline merchants also contributed in Paytm becoming the leading payment gateway in the country. Every quarter, the firm is now processing over a billion transactions reaffirming the grasp of the payment gateway company on the Indian market.
“We are overwhelmed with our users’ trust in us and we will continue expanding our operations to every nook and corner of the country. This year, we are aiming for an exponential growth in money transfer transactions by transforming payments done in the unorganised sector – this will include freelancers, tuition fee, house rent, salaries of unorganized workforce and others into direct bank transfers using the Paytm app,” Vasireddy added.
The RBI’s new know-your-customer guidelines has been damaging the e-wallet business but Paytm wishes to magnify the amount of bank-to-bank payments by establishing a seamless platform. So far, users could only transfer money separately between Paytm’s payment bank and other banks, payments bank account to payments bank account, bank account to bank account under UPI and digital wallet to bank account.
Paytm is now hoping that the app update will integrate its platform in the categories of ‘super app’ that will offer multiple modes of payment integrated in only one option. The move in this direction will allow large transactions such as rental payments through bank-to-bank transfers. Indeed, the main advantage of these new features is that Paytm will now be able to provide money transactions through its app to unorganized sectors such as paying the house rent, supplier/wholesale duties, tuition and various fees etc…
Paytm would like to see a hike in money transfers this year after redesigning its app this year. It has been restlessly encouraging users to link their bank accounts to the app in order to enjoy the facilities of purchasing products and services cashless and cardless. The initial reason for changing its interface and facilities is because of Google’s and Whatsapp’s foray into the market that Paytm rules supreme.