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.
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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.”