Digital payments brand Paytm has updated its app to introduce new features that make adding and paying money on its app easier, and has raised the maximum amount that merchants can accept in one go to their bank accounts to Rs. 50,000. According to Paytm, the update makes the app three times faster even on low-end smartphones and slow networks.
The process of adding money on the Paytm app now happens on a single screen, which the company claims translates to quicker load times and faster user experience. With this Paytm update, users can now put their fingerprint as their password.
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The Paytm app also has a new mode of payment with the new update: users can now scan the recipient’s QR codes from their device’s image gallery to transfer money. In order to do this, they need to tap on the Scan Paytm QR from Gallery option on the upper-right corner of the screen in order to scan the QR codes they received in emails or WhatsApp.
Paytm has also launched a new feature called Paytm Community Forums to help users get their queries addressed by others on the forum; the Community Forum feature is integrated in the Paytm app. “This huge base of active Paytm users is an active community that encourages conversations around Paytm’s diverse use-cases,” the company said in a press release.
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On the merchant side, self-declared (non-KYC) merchants can now accept payments of up to Rs. 50,000 in one go, up from the Rs. 20,000 limit imposed earlier. The Paytm Wallet balance of self-declared merchants should not exceed Rs. 20,000; if the amount crosses this figure, it will be processed directly to the merchant’s bank account. The amount is settled at midnight every day; Paytm says it will not levy any settlement charges.
How to Transfer Money From Paytm to Bank Account
Disclosure: Paytm's parent company One97 is an investor in NDTV's Gadgets 360.
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