Paytm, in an attempt to make it simpler to use, has come up with a major new upgrade. And this update will be significantly altering the design of the application. The revamping also includes a refurbished home screen, a brand-new passbook, and a new profile section. The most recent upgrade now exists on iOS, whereas the Android application will be upgraded in the days to come.
With this updated application, now it will be simpler to transact money from a Paytm Wallet, Paytm Payments Bank account, or any other bank account of a user to any bank at no charge at all. The basic reason behind the overhauling of the application is to expand its Money transfer business.
In a statement, the company said, “We are aspiring for a robust development in Money Transfer transactions this year by making over the payments made in the disordered division—this will consist of tuition fee, freelancers, payments of unorganized employees, house rent, and others into direct bank transfers making use of the Paytm application.”
Ever since stringent KYC (Know Your Customer) standards of the RBI have been put into effect, Paytm is greatly thrusting the users to make use of the bank-to-bank payments. The biggest digital payments firm in India has been teaching users to connect their bank accounts of lately and experience immediate transfers making use of the Paytm application. Also, the firm asserts that it has attained a run rate of one billion transfers for every quarter. The company is supported by Softbank and Alibaba.
As India intends to be a “cashless economy,” the digital payments firms such as MobikWik and Paytm are witnessing explosive expansion in business. As per the BCG (Google-Boston Consulting Group) research, Indian digital payments industry will expand to $500 Billion by 2020, adding up to 15% of GDP.