New Delhi: Digital payments major Paytm on Monday said it will invest Rs5,000 crore over the next three years as it looks to enhance bank transfer and other payments facilities for customers through its platform.
The Alibaba and SoftBank-backed company said it has unified ‘bank transfers’ under a new ‘My Payments’ feature on its app that will allow users to transfer money from one bank account to another by using UPI and IMPS methods.
Besides, customers can now also use the feature to make recurring, high value payment and other monthly expenses in an easy manner, Paytm said in a statement.
“Paytm is aiming to process Rs60,000 crore in monthly bank transfers alone by the end of this year... The company is also planning to invest Rs5,000 crore in its core business, expecting to increase the number of transactions from 1 billion to 2 billion this year," Paytm said in a statement.
It added that the company has been educating customers to link their bank accounts and using bank transfers to pay for recurring use cases like house rent, business payments, fee, salaries and peer-to-peer payments.