Paytm introduces new features to make the app lighter and faster

Making most of the demonetization windfall, the mobile wallet startup Paytm currently garners 160 million users. However, amid this sudden growth, Paytm faced a moment of truth when rumors started floating on social media, that the m-wallets will stop working after January 15.

The Reserve Bank of India, recently gave approval to Paytm for Payment Bank. With this news followed several social media posts, creating panic among Paytm users.

However, Paytm smashed all the rumors with saying “Paytm Wallet will be transferred to the Paytm Payments Bank Limited as it is.”

In a blog post, Paytm said, “If you have any balance in your current Paytm Wallet, it will reflect in your new Paytm Payments Bank Wallet. If your Wallet has been inactive for the last six months and has zero balance, it won’t be transferred to the Paytm Payments Bank Wallet unless you specifically give consent for the same while logging into the app, web or by e-mail,”

After the transfer, Paytm is expected to launch more features such as “savings accounts where they will earn interest as well in addition to being able to avail all the current services,” a Paytm spokesperson said.

As of now, the digital payments company has added new features to facilitate faster and easier transactions on its mobile app. The features include accepting payments up to Rs.50,000 for merchants and additional security layers for users.

Notably the updated app gets lighter and loads 3X faster even on low-end smartphones and slow network areas.

The new features launched include:

1) Self-declared merchants can now accept up to Rs. 50,000 directly in their bank accounts. The amount is settled at midnight every day and the settlement charges remain zero percent. As mentioned by Paytm, the bank settlement charges will stay at zero percent when amount would be settled to merchants’ Paytm Payments Bank account.

2) Adding money is now faster on a single-screen: Adding money to the Paytm Wallet now happens on a single screen. This translates into quicker load times and a faster user experience.

3) Users can now set their fingerprints as their Paytm passwords. It’s quick, easy and 100 percent secure.

4) The app allows users to pay anyone now by being able to scan the recipients QR codes they may have received via e-mail or WhatsApp. To be able to do this, users have to tap on the upper-right corner of the screen and tap on ‘Scan Paytm QR from Gallery’.

5) Queries can be addressed on the Paytm Community Forums: Paytm users can now access the ‘Paytm Community Forums’ option in their Paytm app and get their queries addressed by the 10 million active users on the platform. This huge base of active Paytm users is an active community that encourages conversations around Paytm’s diverse use-cases.