Paytm is planning to unify bank transfers on the platform with the launch of a new ‘My payments’ feature. The feature, which will focus on recurring, high-value payments, and other monthly expenses, is expected to result in a six-fold growth in monthly bank transfers made on the platform.
With the new feature, users can make bank transfers from any bank account to another at zero percent charge, using their Paytm wallets, UPI, or other payment options available on the platform. Talking to YourStory, Deepak Abbot, Senior Vice President at Paytm, said:
“We basically realized that we have several relationships with the user and they use us for various things from bill payments to P2P transactions. And we realized that 60 percent of our customers do repeat transactions to the same set of users, merchants or kirana shops. Realizing customers have to keep doing this, we thought of looking at recurring payments.”
Abbot further revealed that moving forward, Paytm’s home page will start showing personalized options for services and payments depending on the individual user’s transaction history. “So, if you use Paytm to pay your Vodafone bill, so instead of showing Mobile Postpaid, we will show you a Vodafone icon. Hence, 70 percent of the real estate on Paytm will be about personalization and the rest 30 percent will be what Paytm would like to push in terms of new features,” Abbot added.
With the introduction of the new features, Paytm is looking at an average transaction sizes between Rs. 3,000 and Rs. 5,000, which will also include P2P transfers as payments. The feature will also act as a supplementary feature for Paytm’s ‘Automatic Payment’ feature which allows users to automatically make payments for recurring services. Once released, Paytm aims to reach Rs. 60,000 crore in monthly bank transfers on the platform by the end of the year, a 6x growth overall.