Paytm launches new digital payment feature

One97 Communications Limited, that owns the brand Paytm has made “Bank Transfers” simple & faster than ever before. The Paytm app also features “My Payments” for frequent use cases at a customized level for every user. Users can experience instant Bank Transfers from their Paytm Payments Bank account, Paytm Wallet or any other bank account to any bank account at 0% fee.

Here is how to transfer money from your bank to any bank account using Paytm:

1. Open the Paytm app and tap on the “Bank Transfer” icon
2. Link your Bank Account with Paytm
3. Enter the account details of the payee
4. Fill the amount to be transferred!
5. Tap on ‘Pay’ to pay instantly

It has also introduced the “My Payments” feature to ensure its users are able to automate all regular payments. With My Payments, recurring expenses can be scheduled for a particular day of every month. Once My Payments are set, it will help ensure that all bills and expenses are taken care of well ahead of time.

Here is how to setup My Payments

1. Open the Paytm app and tap on the “My Payments”
2. Select “Add New” and select a category to set up payments
3. Enter the account details of the receiver
4. Select whether the amount is to be deducted from a bank account or the Paytm Wallet

The payment app has rapidly evolved from being a wallet company to a full stack payments provider by offering multi-source and multi-destination solutions. The platform is used by millions of users for instant bank transfers for House Rent, Maid’s Salary, Tuition Fee, or Newspaper/Milk vendor among others. The company has already achieved a run rate of 1 Billion transactions per quarter, making it the largest payments service provider in the country.