The ‘My Payments’ feature can be used for high-value payments for a variety of cases, such as paying for subscriptions, mortgages, salaries etc.
“Our customers make regular recurring payments such as house rent, maid/driver’s salary, milk or newspaper vendor payments online. This has led to a major surge in our bank transfer service. We have now simplified these payments with ‘My Payments’ and are expecting 6X growth owing to this rapid shift in consumer behaviour in favour of going cashless,” said Paytm’s senior vice president Deepak Abbot.
The new feature is expected to boost bank-to-bank transactions on Paytm. The payments company processes about 1 billion transactions every quarter.
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