Paytm, an Indian payment services provider operated by Alibaba-backed One97, has launched a new feature that allows customers to transfer money to bank accounts through its mobile wallet.
The new service, called the Immediate Payment Service (IMPS), allows users to transfer a maximum of INR5, 000 per day, and up to INR25, 000 per month.
The sender must have a minimum balance of INR2, 000 and the transaction amount will be INR1, 000.
Meantime, Paytm is also planning to open 50,000 retail outlets across India, where Paytm users can load cash into their mobile wallet.
Paytm senior vice president Amit Lakhotia said: "With the introduction of IMPS, we aim to encourage users to hold funds in their Paytm wallets and also expand the scope of what they can do with this money.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData