mCommerce player Paytm has launched its person-to-person or P2P fund transfer service. Now users can use the service for conveniently and quickly depositing cash and making money transfers into accounts of other Paytm users. This service has been launched to cater to those customers who are not always very digitally savvy. and to provide them with an option to seek financial aid from their peers in times of financial crisis.
Commenting on the launch of the new service, Vijay Shekhar Sharma, Founder and CEO, Paytm said, “Owning a dominant share of the country’s mobile wallet space gives Paytm an added advantage when tapping the market for cashless transactions. Our focus is beyond remittances and is on the daily needs of consumers where cash is spent when a transaction takes place. With the launch of our P2P fund transfer service, we have inched a step closer to our larger vision of India as a cashless economy.”
Paytm had faced some serious trouble in the recent past at the hands of a couple of fraudsters. Post that incident, the company gives paramount importance to ensuring security. Hence, the company has adopted SMS-based OTP system for money transactions happening through its platform. Same is the case with the newly rolled out service as well. The service is likely to find widespread traction as Paytm now has a user base of over 80 million. The money transfer facility will also be available on Apple Watch, and Android Wear.