Paytm Wallet App : Send & Receive Money Or Pay Utility Bills

News About Paytm App : Send & Receive Money Or Pay Utility Bills

• Paytm Takes Over Smart Savings Management Startup Balance.Tech

  Indian e-commerce payment system and digital wallet company Paytm have purchased Balance.Tech, a Bangalore-based smart-savings management startup that was established in 2016. The start-up which has been acquired operated a personal savings app which allowed users to save minor change and invest in fixed deposits (FDs) and mutual funds. Apart from this, the startup also provided financial education and empowered product allocation through adaptable goals.

  With the takeover, Paytm has set its sights on building intelligent products for more than 200 million customers using Balance.Tech’s insights.

  Paytm CFO and senior vice president Madhur Deora while commenting on the deal stated that the Balance.Tech team will help Paytm in creating customized and intuitive user experiences. Ankit Kumar, the CEO and co-founder of Balance.Tech expressed hope that the deal would enable them to bring in computational intelligence, unique design and proprietary algorithms with balance to help the users of Paytm accomplish more with the help of their money. It needs to be mentioned that as part of the deal, a six-member Balance.Tech team has joined Paytm’s product and design teams.

  

  20 August 2018

• My Payments: The New Feature Launched on the Paytm App

  Paytm has launched a new feature known as ‘My Payments’ on the app which allows customers to pay recurring expenses. These expenses that have to be paid every month can now be performed with a single click. As per Deepak Abbot, senior vice president of Paytm, the new feature will increase the traffic on the application by six fold. The process of paying monthly bills will also become hassle-free. This feature has been added after Paytm scrapped charges that were levied during transfer of funds from one bank to another. This step has ensured that there will be lot more bank to bank transactions than earlier on the app. Paytm is aiming to process 60,000 crore monthly bank transaction by the end of 2018. With Paytm planning to invest Rs. 5000 crore, the number of transactions per year are expected to rise to 2 billion from 1 billion.

  

  16 May 2018

• Paytm Sees Growth Rate at 33%

  Popular payments platform Paytm has been growing at a fast pace and this trend has been seen after the integration with the Unified Payments Interface (UPI).

  All UPI-based transactions saw a surge and reached a whopping 190 million in the month of April. As of now as many as 63 million UPI-based transactions have been registered in the last month. The company has a 33% share as far as UPI transactions are concerned. In the month of February the growth rate for Paytm through UPI has 33.3% higher when compared to the last month.

  

  15 May 2018

• Paytm Introduces NFC - Based Paytm Tap Cards

  Paytm has recently introduced NFC-based Paytm Tap Cards in a bid to enable individuals to make payments at any merchant outlet without them needing to use the internet. The move by the mobile-first financial services company is being seen as a big push towards digital payments. With the help of the Tap cards, users who stays in areas where the internet connection is weak can now seamlessly use these cards to make digital payments. The company has introduced the concept of offline payments in collaboration with Yeldi.com, a digital payment company that focuses on Near-field communication (NFC). Following the introduction of the Tap card, Kiran Vasireddy, the COO of Paytm has stated that the motive behind the development was to take digital payments to users from every walk of life.

  It needs to be mentioned that this is not the first time that Paytm has introduced the offline payment concept in the country. Prior to the introduction of the Tap cards, the company had come up with QR code based offline payments in 2015.

  

  7 May 2018

• Paytm to Offer More Fund-Transfer Based Services

  One of India’s most popular digital payments apps Paytm is now likely to offer more fund transfer based services to customers.

  This has been seen after Know-Your-Customer (KYC) came into force. The mobile payment app is likely to go on a diversification drive and offer fund transfer facilities through Immediate Payment Service (IMPS). Paytm has been looking for business opportunities to expand its product base for a long time now. After, KYC norms came in, they wanted to use it as an opportunity to expand.

  UPI can also be used on the platform along with BHIM.

  

  10 April 2018

• Paytm Transaction Value Increases 4-Fold

  The popular digital payment platform Paytm has seen a four-fold increase as far as the annual transaction value is concerned for March 2018 as against the previous year. In fact, the gross annual transaction value is more than $20 billion, which is around Rs.1.3 lakh crore. These numbers when compared to those in March 2017, is four times higher.

  Apart from this, around 1 billion transactions are being registered through the platform each quarter. Paytm has also expanded its scale of offerings by including payments for traffic fines, highway toll gates and even for Mumbai ‘dabbawalas’.

  

  26 March 2018

• Paytm to Roll Out New Update Allowing Users to Receive Payments on Bank Account

  When it comes to mobile payment apps, Paytm has been a favourite among the masses given its use of using UI, smooth experience and worthy add-ons. The e-payments and e-commerce brand has added a new functionality to its app to ensure that users can now avail a complete all-in-one mobile payments app. The new functionality which will be rolled out following an update is of receiving refunds of failed transactions as well as of money directly into bank accounts. It needs to be mentioned that prior whenever there was a failed transaction the money was refunded into the Paytm wallet and for users to credit the money into their bank accounts they had to undergo lots of hassle. The latest update will not only cut down the hassle that users had to face up till now but also enable them to receive money directly on their bank accounts. To start using the feature All they would need to do is go to the section called ‘Accept Money’ in the profile settings and tap on ‘Add a Bank Account’. After that, the user needs to enter the bank account number, IFSC code, name of the bank and the OTP sent on the registered mobile number for confirmation. The new features will be available to users in the latest version of the Paytm app.

  

  20 March 2018