One of country’s top mobile wallet providers PayTm, today announced a feature, which could well bear the tag of being the next big innovation in India’s currently-outdated digital banking scenario. The company today announced a new, hassle-free way to transfer money to your bank accounts, i.e., through its mobile wallet.
The new system, called the Immediate Payment Service (IMPS) can transfer a maximum of 5,000 INR per day, and up to 25,000 INR per month. The minimum amount per transaction is 1,000 INR, and the sender should have at least 2,000 INR in credit. While those limits might come as a disappointment to many, but the mere introduction of such a feature should come as a major relief to this generation of ours, which is still forced to stick to cash-based transactions despite immense progress in digital banking solutions in the west.
The new feature will allow users to instantly transfer cash under certain limits, to any of their friends who have Paytm’s mobile wallet. The launch of IMPS is also accompanied by plans to open 50,000 “retail outlets” across India. These will be physical locations where Paytm users can load money into their wallet, which has been probably done to introduce the semi-urban Indian to net-based banking.
In a related story, Paytm’s parent company One97 communications, has received financial backing from Ratan Tata today. The Chairman Emeritus of Tata Group, like many of his previous investments into India’s digital future, has invested into One97 in a personal capacity, the amount being undisclosed.
This is will be the second big-ticket round which One97 has secured in recent times. The earlier round included Alibaba’s financial arm, Ant Financial services, investing an undisclosed amount into One97, taking its valuation to a reported 1 Billion dollars.