Indian Economy News

Paytm enables money transfer for feature phone users

New Delhi: Digital payments firm Paytm, run by One97 Communications Ltd, on Wednesday launched a new feature through which non-smartphone users can transfer and receive money in their Paytm wallets by giving such instructions over the phone.

The transaction will be done via Paytm’s new toll-free number it announced on Wednesday. Users will have to first register their mobile number and set a four-digit PIN to use the service.

Once registered, users, both private and institutional customers, can transfer funds between wallets. Mobile recharge facility is also available over the toll-free number, Paytm said.

Currently offline transactions can only be done through a bank’s phone-banking service.

Paytm has added a bunch of services since the government announced the demonetisation of high value notes on 8 November.

On 1 December it launched a peer to peer payments system where merchants can share a payment link with a customer via text message, days after it rolled back its mobile PoS (point of sale) feature. Paytm also launched its interface in 10 languages other than English.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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