In an interesting move, Paytm has introduced a new Immediate Payment Service (IMPS) on its platform. So, Paytm users can now transfer Paytm balance to their Bank account.
To use this bank transfer service, user’s email or phone number must be verified and the Paytm account must be 45 days old. Paytm wallet must have Rs. 2000 and transaction amount must be more than Rs. 1000. Daily upper limit of transaction is Rs. 5000 and monthly limit is Rs. 25000.
Along with this new service, company also announced that it will open more than 50000 retail stores across the county. Users can use these retail stores to load cash into their Paytm wallet.
Amit Lakhotia, Senior Vice President, Paytm said, “With the introduction of IMPS, we aim to encourage users to hold funds in their Paytm wallets and also expand the scope of what they can do with this money. The fact that they can now use the funds in their wallets to transfer money into banks and not just for wallet-to-wallet transfers will be a true game changer. This move will set the pace of our economy to become a cashless economy.”
Paytm’s payment technology got boost when Uber integrated it into its Indian app. PayTm is backed by Alibaba and is popular in India for money transfer, recharge and shopping.
