India is moving towards becoming a cashless economy. After demonetization, most of our citizens stopped transacting in cash and gravitated towards digital payments. As many citizens are shifting towards cashless modes of payment, Fintech companies are coming up with newer and newer features to tap this growing segment. Recently, One97 Communications Limited, the company with owns mobile wallet company Paytm has come up with a new feature on its app called My Payments.
The option My Payments was launched, to help users who make monthly and recurring payments. With this new feature, users can manage their monthly expenses easily, just by automating all regular payments. Now, users don't have to remember whom they need to pay each month, as the Paytm app will do it.
Under 'My Payments' you can schedule the recurring expenses for a particular day of each month. Once you set My Payments, the app will ensure that all bills/expenses are taken care of. Using the Paytm app you can also make instant money transfers to anyone you want, using your bank account or even from your Paytm wallet.
By adding this new feature, the company aims to process Rs 60,000 crores, just in monthly bank transfers alone, by the end of 2018. It is also planning to increase the number of transactions from one billion to two billion this year and is investing Rs 5,000 Crores in its core business.
This is how you setup My Payments using Paytm
1. Open Paytm and click on “My Payments”
2. Setup payments by clicking on add new and then select a category.
3. Provide the account details of the receiver.
4. Decide if the amount has to be deducted from a bank account or the Paytm Wallet.