Paytm allows funds transfer from wallet to bank

BANGALORE, INDIA: Paytm users can now use their mobile wallets to transfer money into any bank accounts. Paytm has introduced the Immediate Payment Service (IMPS) on its platform.

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.

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 funds 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.

“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 A P Hota, MD & CEO, National Payments Corporation of India.

IMPS offer an instant, 24X7, interbank electronic funds 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.