Paytm launched an auto-recurring payments feature on 14th May. This feature helps customers to configure the app to pay for periodic payments automatically. This feature is same as that of recurring payments a bank account. The ‘My Payments’ feature is useful for different types of high-value payments.
According to Paytm’s Senior Vice President, Deepak Abbot, “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 favor of going cashless.”
Paytm predicts that this feature will elevate the number of bank-to-bank transactions on Paytm, with the value crossing Rs 60,000 crore per month by December. Paytm currently processes around 1 billion transactions every quarter.