Current Affairs

Automatic Recurring Payments Feature Introduced by PayTM

Paytm has introduced a new feature ‘automatic recurring payments’ which enables the users to configure the payments app to pay for periodic recurring expenses automatically.
Automatic recurring payments feature introduced by PayTM
  • With this feature, bank transfers can be done from/to any bank account, making it easier to make payments at no charge.
  • This facility can be even availed by the non-KYC Paytm users.
  • Payments can be scheduled by the customers for a particular day of every month. 
  • These would be pre-decided amounts that can be paid to certain individuals or businesses (such as EMIs) on a certain date.
  • With this added feature PayTM aims to achieve a substantial increase in the transaction via regular recurring payments such as house rent, tuition fees, maid/driver’s salary, milk or newspaper, etc.
  • There is no upper or lower limit to the number of payments or amount that can be transferred.
  • At present, Paytm processes about 1 billion transactions every quarter and it aims to double the figure to 2 billion. 
  • The company also aims to process Rs 60,000 crore in monthly bank transfers by the end of 2018.

Expected Questions

Question 1. Who is the founder of PayTM?
Vijay Shekhar Sharma

Question 2. When was PayTM formed?

2010

Question 3. When was the PayTM Payment’s Bank launched in India?
2017
Automatic Recurring Payments Feature Introduced by PayTM Automatic Recurring Payments Feature Introduced by PayTM Reviewed by Shweta Kashyap on May 14, 2018 Rating: 5

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