This move will set the pace of our economy to become a cashless economy.
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. Speaking on the development, Amit Lakhotia, Senior Vice President, Paytm said, 'With the introduction of IMPS, we aim to encourage users to hold funds in their Paytm wallets and also expand the scope of what they can do with this money. Paytm announced these details via an email statement.
The daily upper limit for wallet to bank account transactions is Rs. 2,000 and the transaction amount must exceed Rs 1,000. The balance in the Paytm wallet must be a minimum of Rs. It can be joined at no cost, and youll receive a welcome offer of 3x bonus points on every purchase for the first week. In order to avail the wallet to bank account transfer facility, a user has to be mobile or email verified and must be registered on the system for over 45 days. We noticed you havent enrolled in our Play Points program yet.
The company has 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. Mobile commerce platform Paytm on Thursday introduced the Immediate Payment Service (IMPS) on its platform, which means Paytm users can now use their mobile wallets to transfer money into any bank accounts.
