Digital payments major Paytm today said it will invest Rs 5,000 crore over the next three years as it looks to enhance bank transfer and other payments facilities for customers through its platform. Also Read - Paytm announces Rs 10 crore fund for its new Mini App Store developers
The Alibaba and SoftBank-backed company said it has unified ‘bank transfers’ under a new ‘My Payments’ feature on its app that will allow users to transfer money from one bank account to another by using UPI and IMPS methods. Also Read - Paytm launches its own Mini App Store for Android users
Besides, customers can now also use the feature to make recurring, high-value payment and other monthly expenses in an easy manner, Paytm said in a statement. Also Read - Paytm app back on Google Play after short pulldown concerning policy violations
“Paytm is aiming to process Rs 60,000 crore in monthly bank transfers alone by the end of this year… The company is also planning to invest Rs 5,000 crore in its core business, expecting to increase the number of transactions from 1 billion to 2 billion this year,” Paytm said in a statement.
It added that the company has been educating customers to link their bank accounts and using bank transfers to pay for recurring use cases like house rent, business payments, fee, salaries and peer-to-peer payments.
This is published unedited from the PTI feed.