Paytm aims exponential growth in 2018; revamps app for better user interface

India's leading payment gateway, Paytm has revamped its app to make it even more user friendly and intuitive.

The new update personalises the app experience for the user, showcasing frequent use cases at a customised level.

Owing to the new update, money transfers are now simpler and faster; offering instant transfers from a user's Paytm Payments Bank account, Paytm Wallet, and any other bank at zero percent fee.

Further, Passbook, which contains account history and balance, has been revamped to present all information in a snapshot.

"We are very excited to introduce the new 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 upgrades to some of the most important flows including money transfers. I am very happy to share that we have successfully inculcated the use of Paytm as a habit in millions of Indians - to transact digitally online and on Paytm app using their preferred payment method. Our offline payments have also scaled as we pioneered Paytm QR, enabling merchants to accept payments directly into their bank accounts," said Kiran Vasireddy, COO, Paytm.

"We are overwhelmed with our users' trust in us and we will continue expanding our operations to every nook and corner of the country. This year, we are aiming for an exponential growth in money transfer transactions by transforming payments done in the unorganised sector - this will include freelancers, tuition fee, house rent, salaries of unorganized workforce and others into direct bank transfers using the Paytm app," Vasireddy added.

Paytm has evolved from being a wallet company to a full stack payments provider by offering multi-source and multi destination solutions.

The platform is used by millions of users for online transactions on Paytm and on other popular apps/websites, offline stores (through Paytm QR).

This, combined with its reach of seven million offline merchants makes Paytm the dominant player in this space.

The company has already achieved a run rate of one billion transactions per quarter, making it the largest payments service provider in the country, reaffirming its leadership.

With this revamp, Paytm aims exponential growth in money transfers this year.

It has been aggressively educating users to link their bank accounts and experience instant transfers using the Paytm app. This will address the money transfer need for variety of use cases like house rent, supplier/ wholesale dues, tuition fee, freelancers, salaries of unorganised workforce, peer-to-peer payments among others.