Active Stocks
Tue Mar 05 2024 15:53:49
  1. ICICI Bank share price
  2. 1,088.10 -0.34%
  1. Tata Motors share price
  2. 1,021.95 3.52%
  1. Tata Steel share price
  2. 151.85 -0.82%
  1. NTPC share price
  2. 358.25 1.26%
  1. Titan Company share price
  2. 3,748.45 0.44%
Business News/ Industry / Paytm introduces automatic recurring payments
BackBack

Paytm introduces automatic recurring payments

Similar to standing instructions for bank accounts, the 'My Payments' feature on the Paytm app can be used for high-value payments for a variety of cases

Paytm expects the feature to significantly boost bank-to-bank transactions on the app, which it sees crossing Rs60,000 crore a month by December. Photo: Priyanka Parashar/MintPremium
Paytm expects the feature to significantly boost bank-to-bank transactions on the app, which it sees crossing Rs60,000 crore a month by December. Photo: Priyanka Parashar/Mint

New Delhi: Paytm on Monday introduced automatic recurring payments, a new feature that lets users configure the payments app to pay for periodic recurring expenses automatically.

Similar to standing instructions for bank accounts, the ‘My Payments’ feature can be used for high-value payments for a variety of cases.

“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 company expects the feature to significantly boost bank-to-bank transactions on Paytm, which it sees crossing Rs60,000 crore a month by December.

Currently, Paytm processes about 1 billion transactions every quarter.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 14 May 2018, 05:03 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App