Everyone is talking about a “cashless economy” these days, and thus seeing the huge potential of cashless transactions through e-wallet, mobile payments and commerce venture Paytm is the latest company to jump on the person-to-person (P2P) money transfer bandwagon which means using Paytm mobile app one can send money online to anyone he/she wants.
Notably, Paytm had quitely launched P2P money transfer to its selected users in April, today the company announced rolling it out to all Paytm users in India.
To enhance security, an SMS-based password will be sent to the user transferring money from the Paytm mobile wallet. Additionally, Every time a user transfer money or receive money from a friend the transaction will become a part of a chat conversation. The money transfer facility will also be available on Apple Watch, and Android Wear.
After online shopping, the person-to-person (P2P) money transfer category has seen good traction with mobile payment firms like M-Pesa and Oxigen, and certain banks joining the fray, to offer ease and convenience of the cashless mode and promote cash-less and paperless transactions while making merchant payments.
Other key player in this segment like Vodafone M-Pesa launched a mobile app recently to carry out transactions like cash deposits, money transfers, and make mobile and utility bill payments.
Paytm started by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. Currently, the company have over 80 million registered users and over 30 million app downloads.