“Until now, the user was able to do wallet-to-wallet transfers. Now, he will be able to transfer funds to the bank as well. Although we want customers to use the wallet for online payments, we expect this facility to boost customer confidence,” Amit Lakhotia, VP-payments at Paytm, told TOI.
As of now, customers fund their accounts through credit cards, debit cards and net banking but, with the help of this new step customers will find it easier to fund their accounts once Paytm is linked to their bank accounts.
“It is a game of customer experience and whoever does well will succeed. We don’t look at banks as competitors, rather we see them as partners,” Amit said.