Paytm, mobile commerce platform, on Thursday introduced the Immediate Payment Service (IMPS) on its platform.
Paytm users can now use their mobile wallets to transfer money into any bank accounts. 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.
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, it said.
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, it said.