The application enables users to book air tickets and taxis, mobile recharge, and payment of DTH, broadband and electricity bills among others.
In 2015 Paytm received a license from Reserve Bank of India for starting India’s first payments bank. The bank intends to use Paytm’s existing user base for offering new services, including debit cards, savings accounts, online banking and transfers, to enable a cashless economy. The payments bank would be a separate entity in which the founder Vijay Shekhar Sharma will hold 51%, One97 Communications will hold 39% and 10% will be held by a subsidiary of One97 and Sharma.
India-based mobile wallet provider Paytm this past week announced a new feature that enables users to transfer funds into any bank account, according to multiple media reports.
The system, called the Immediate Payment Service, enables users to transfer a maximum of 5, 000 India rupees($US80) per day and up to 25, 000 rupees per month. Paytm will allow a minimum transaction at 1, 000 rupees, but the sender needs to have at least 2, 000 rupees in credit associated with their account.