India's largest mobile commerce platform, Paytm has introduced the Immediate Payment Service (IMPS) on its platform.
Paytm users can now use their mobile wallets to transfer money into any bank account. The company has also announced plans to open about 50,000 retail outlets, where over 25 million Paytm users will be able to load cash in their mobile wallets, Paytm said in a statement.
Speaking on the development, Amit Lakhotia, Senior Vice President, Paytm said, "With the introduction of IMPS, we aim to encourage users to hold funds in their Paytm wallets and also expand the scope of what they can do with this money. The fact that they can now use the funds in their wallets to transfer money into banks and not just for wallet-to-wallet transfers will be a true game changer. This move will set the pace of our economy to become a cashless economy.''
In order to avail the wallet to bank account transfer facility, a user has to be mobile or e-mail verified and must be registered on the system for over 45 days. The balance in the Paytm wallet must be a minimum of Rs 2,000 and the transaction amount must exceed Rs 1,000. The daily upper limit for wallet to bank account transactions is Rs 5,000 and the monthly limit is Rs 25,000.
"IMPS has been fuelling phenomenal growth in the Prepaid Payment Instrument (PPIs) space, and created an ecosystem to facilitate instant payment system in the country. Partnering with Paytm will further boost the overall usage of IMPS among the users of wallet customers and fulfill the needs of making payments in safer and convenient manner. The 24x7 anytime and instant confirmation features of IMPS will support Paytm wallet customers to increase the scope of wallet money usage,'' says Mr A P Hota, MD & CEO, National Payments Corporation of India (NPCI).
The IMPS service offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. It is an emphatic tool to transfer money instantly within banks across India through mobile, internet and ATM. Using the IMPS facility offered by Paytm is not only safe but also economical both in financial and non-financial perspectives.
Paytm claims to be India's largest mobile commerce platform. Paytm started by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. In a short span of time Paytm has scaled to nearly 25 Million orders a month. Paytm mobile wallet is used by more than 25 million users to pay for various services.
The consumer brand of India's leading mobile internet company,One97 Communications, Paytm is head-quartered in Delhi NCR. One97 investors include SAIF Partners, Intel Capital and SAP Ventures.