Since demonetization last year, Paytm has been one of the most widely adopted mobile wallet apps in the country. The app had its fair share of ups and downs, from being blamed for colluding with the Prime Minister for profits, to being owned by a Chinese company, to facing a massive outage. While Paytm faired through it all, now Prime Minister Narendra Modi’s UPI-based (Unified Payment Interface) BHIM app could pose tough competition. In a creditable effort to win it, Paytm has introduced some significant new features for its mobile app.
With the new update, Paytm is aiming to make the app more intuitive with one tap responses and additional layers of security. With the features and the improved user experience, the updated app remains light and is said to load three times faster than its previous version, even on low-end smartphones and slow network areas. The update is currently being rolled out in phases, and some Android users have started receiving it. An iOS update is also said to be on the cards.
Talking about the features, the most prominent improvement is the more simplified process to add money to the Paytm wallet. While earlier to add money to the wallet, the app took you to more than two screens, from feeding in the amount, to choosing the payment option, to then verifying. The new update has simplified the process by reducing the number of screens it leads you up to. Now, you feed in the amount and choose payment option, both from the same screen.
Another convenient new feature is the added expediency to the process of sending money. If you have been using the app, you would know, that to send money to someone, you either need their mobile number or you need that person’s QR code, which you would scan from their device or those little framed Paytm QR codes that people have been carrying around these days. However, in the updated app, you can scan the QR code from a picture in your photo gallery. ALSO READ: Your Paytm wallet won’t stop working on January 15, despite rumours on WhatsApp
Basically, you can simply ask the person you have to pay to send you the image of their QR code. Once you download that image in your phone gallery, you can directly scan the recipient’s QR code from your photo gallery. To do that, on the Paytm app, tap the Pay option, and when the QR scanner opens, on the upper-right corner you will notice the vertical ellipsis (more option) icon, tap on that and choose ‘Scan Paytm QR from Gallery’.
The update also talks about the raised transfer limit to Rs 50,000, but this feature was first introduced back in December. Essentially, with the feature merchants can now self-declare themselves on the app itself and start accepting up to Rs 50,000 directly in their bank accounts, through Paytm payments bank. The amount is settled at midnight every day and the settlement charges remain zero percent. ALSO READ: Paytm gets RBI nod to launch its payments bank, roll out expected soon
In order to self-declare, merchants need to tap on ‘Accept Payment’ in the updated Paytm app, select ‘Bank Account’, enter bank details and confirm. However, do note that the wallet balance of a self-declared merchant should not exceed Rs 20,000 post which the amount is settled directly to the merchant’s bank account. Further, another already introduced feature that has a mention in the update is the ability for users to add a passcode, patterns and fingerprint codes.
Additionally, Paytm has also introduced the ‘Paytm Community Forums’ option within the app, so that users can get their queries addressed by other active users on the platform.