Home
Apps
Apps News
Paytm Now Allows Money Transfer from Mobile Wallet to Bank

Paytm Now Allows Money Transfer from Mobile Wallet to Bank 4u5e4z

By NDTV Correspondent | Updated: 13 March 2015 23:01 IST

ment

Mobile commerce platform Paytm on Thursday introduced the Immediate Payment Service (IMPS) on its platform, which means Paytm s can now use their mobile wallets to transfer money into any bank s. 2f2g2e

The company has also announced plans to open about 50,000 retail outlets where over 25 million Paytm s will be able to load cash in their mobile wallets.

In order to avail the wallet to bank transfer facility, a has to be mobile or email verified and must be ed on the system for over 45 days. The balance in the Paytm wallet must be a minimum of Rs. 2,000 and the transaction amount must exceed Rs 1,000. The daily upper limit for wallet to bank transactions is Rs. 5,000 and the monthly limit is Rs. 25,000. Paytm announced these details via an email statement.

Speaking on the development, Amit Lakhotia, Senior Vice President, Paytm said, "With the introduction of IMPS, we aim to encourage s to hold funds in their Paytm wallets and also expand the scope of what they can do with this money. The fact that they can now use the funds in their wallets to transfer money into banks and not just for wallet-to-wallet transfers will be a true game changer. This move will set the pace of our economy to become a cashless economy."

Written with inputs from PTI

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.