Mobile commerce company Paytm has introduced Immediate Payment Service (IMPS) on its platform, allowing users to transfer money into bank accounts from their mobile wallets.
Further, the company also plans to open 50,000 retail outlets where any of its 25 million users will be able to load cash into their Paytm wallets.
The motive behind the move is to promote users to hold funds in their Paytm wallets and expand the scope of what they can do with the money.
In order to transfer funds from the Paytm wallet to bank accounts, users must have a minimum balance of Rs 2,000 in their wallet, with the minimum transfer amount being Rs 1,000. The daily transfer limit for the wallet-to-bank transactions will be Rs 5,000.
Backed by IMPS, users will be able to avail of the new fund transfer feature at any time of the day, on any day of the week. It’s a welcome move in the direction of becoming a cashless society.
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