Mobile payments and commerce platform Paytm has launched a person-to-person (P2P) service allowing users to quickly transfer funds to other Paytm users.
The launch of the service will allow Paytm to grow beyond a platform used to pay bills, buy products, recharge, etc into a full-fledged cashless payments and fund transfer service.
In order to ensure security, the P2P fund transfer facility makes use of an SMS-based password that is sent to the user transferring money from their wallet.
Paytm is hoping that its user base of 80 million people is now large enough to spearhead the adoption of P2P fund transfers. The service will also be available on the Apple Watch and Android Wear.