PayTM, Delhi NCR based largest mobile commerce player enabled IMPS transfer service. With this PayTM users can transfer money from PayTM mobile wallet to any of the bank account in India. PayTM 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 is a prepaid mobile wallet service which one can use to pay his bills. Even many online eCommerce stores now started accepting paytm Wallet which makes online shopping simple and secured. Paytm is available across many popular mobile apps (like Uber, Bookmyshow, MakeMyTrip and FoodPanda) as preferred payment method.
To avail the mobile wallet to bank transfer facility the users has to be mobile or email verified subscribers. And they should be 45 days old with thier PayTM account to get the IMPS transfer service. Per day transaction limit is Rs5000 and monthly limit is Rs25000. Minimum maintenance of balance should be Rs2000 and minimum transaction should be Rs1000.
Paytm started by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. In a short span of time Paytm has scaled to nearly 25 Million orders a month. Paytm mobile wallet is used by more than 25 million users to pay for various services. Very recently Paytm secures funding from Ratan Tata, plans to have 100 million mobile wallet users by year end
This move will definitely set the pace of our economy to become a cashless economy.