Paytm targets Rs 60,000 crore monthly bank transfers by year-end

One97 Communications Ltd, Paytm’s parent company, is targeting Rs 60,000 crore in monthly bank transfers by the end of this year with the launch of a new payments feature on its app.

"With this new addition to its multilingual app, the company is confident of a substantial increase in the bank transfers transactions on its platform. Paytm is aiming to process Rs 60,000 crore in monthly bank transfers alone by the end of this year," the company said in a statement.

"It has been aggressively educating its users to link their bank accounts and experience instant and secure bank transfers for a wide variety of regular use cases like house rent, business payments, fee, salaries and peer-to- peer payments among others, while emerge as a one-stop solution for all payments and bank transfer needs," it added.

One97 Communications Ltd has unified bank transfers for its customers with the new ‘My Payments’ feature on its app. This will enable Paytm users to make recurring, high value payment and other monthly expenses in an instant. Using the Paytm app, bank transfers can be done from any bank account to any bank account, making it easier for customers to make payments at zero percent charge. Even non-KYC Paytm users can avail this facility.