Paytm becomes a bank: 5 features to handle your money better | business-news | Hindustan Times
Today in New Delhi, India
Jun 27, 2017-Tuesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Paytm becomes a bank: 5 features to handle your money better

As Paytm turns its focus on payments bank, it launches new features to make transactions easier for consumers and merchants.

business Updated: Jan 12, 2017 11:04 IST
HT Correspondent
Paytm
As Paytm turns its focus on payments bank, it launches new features to make transactions easier for consumers and merchants.(Hindustan Times)

As Paytm turns its focus on payments bank, it launches new features to make transactions easier for consumers and merchants.

What happens to your mobile wallet?

The wallet balance will become the account balance, if users choose to open an account. The same balance will be used to pay for an Uber ride, pay bills, make recharges and even shop online. Paytm will also push a whole bunch of micro financial service to the account holders, such as micro finance, loans, mutual funds, debit cards, and insurance. Most of these tie-ups are under works, founder Vijay Shekhar Sharma has said.

Self-declared merchants can now accept up to Rs 50,000 directly in their bank accounts

The amount is settled at midnight every day and the settlement charges remain 0%. The bank settlement charges will stay at 0% when amount would be settled to merchants’ Paytm Payments Bank account. In other banks, Paytm might start levying some charges in the months to come.

Adding money faster through a single-screen

This will allow quicker load times and a faster user experience.

Fingerprints can be set as Paytm password

Like many other apps, Paytm has introduced fingerprint passwords. It’s quick, easy and the company claims its 100% secure.

Pay by scanning the recipient’s Paytm QR Codes from their phone’s image gallery

You can scan the recipients QR codes that they may have received via e-mail or WhatsApp. To be able to do this, users have to tap on the upper-right corner of the screen and tap on ‘Scan Paytm QR from Gallery’.

Queries can be addressed on the Paytm Community Forums

Paytm users can now access the ‘Paytm Community Forums’ option in their Paytm app and get their queries addressed by the 10 million active users on the platform. This huge base of active Paytm users is an active community that encourages conversations around Paytm’s diverse use-cases.

Also Read: Paytm’s founder is on a mission to change the banking business