Homegrown mobile wallet company Paytm has upgraded its app interface to include bank-to-bank transactions and multiple payment solutions in a move to outdo Google and WhatsApp’s growth in payment business in the country. According to a media release, Paytm’s latest update focuses on a more intuitive interface which gives each one of its users a personalized experience, based on their previous usage.
The redesigning, thus makes transactions simpler and faster with an aim to educate newer users into linking their bank accounts and using their cashless service at places wherever possible. New tools include the ability to make instant transfers from one’s Paytm Payments Bank Account, Paytm wallet or any other account without them being charged any additional amount for the same.
With this update, ‘Passbook’ which houses a user’s balance and history also gets new detailed sections of information inside a snapshot. The latest announcement comes amid the major changes that are happening in the payments business, owing to the more strict KYC mandates from RBI. Paytm has acknowledged that it estimates close to a billion transaction per quarter in the near future from millions of its users and 7 million offline merchants.
Speaking about Paytm’s newest stride towards a wider growth, company COO, Kiran Vasireddy said “We are very excited to introduce the newly revamped interface on Paytm App. In continuation of our constant effort to provide our customers with the best user experience, the new design is refreshing and has upgraded to some of the most important flows including Money Transfers.”
He added “Our offline payments have also scaled as we pioneered Paytm QR, enabling merchants to accept payments directly into their bank accounts. This year, we are aiming for an exponential growth in Money Transfer transactions by transforming payments done in the unorganized sector – this will include freelancers, tuition fee, house rent, salaries of the unorganized workforce and others into direct bank transfers using the Paytm app.”