Alibaba-backed, mobile commerce platform, Paytm has launched its peer-to-peer fund transfer service to enable users deposit and transfer money into another person’s Paytm wallet.
The service includes fund transfers, cash deposits and payment of mobile & utility bills. This service aims at consumers who are not so tech savvy and are often left out of the fold of financial inclusion. The company has also taken strict measures to ensure any breach by availing an SMS-based password to the user transferring money from the mobile wallet.
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.”
This is Paytm’s fourth development within two weeks. Recently, the company had announced an investment of $100 Mn into its “Go Big” platform for sellers to go online. It had also invested in fitness technology venture GoQii and launched a bus ticket marketplace.
The company also plans to avail this facility on iOS and Android Wearables.