Are you Paytm user? Then this news is for you. The Reserve Bank of India (RBI) has now allowed banks to facilitate online NEFT transfers 24/7 on all days including weekends and holidays from Monday. This means that from now bank customers no longer bounded to use NEFT. With RBI's this move, India's digital payment leader Paytm has become the only payments app offering three ways to pay 24x7 seamlessly, within the same "Money Transfer" flow via UPI, IMPS and now NEFT mode.
Paytm only app offering NEFT, IMPS, UPI, wallet and card payments:
Millions of Paytm users can now use NEFT, IMPS, UPI, wallet and card payments, unlike other UPI payment apps. Users can now pay up to ₹10 lakh per transaction instantly from their Paytm App using NEFT powered by Paytm Payments Bank, the company said in a statement.
This extends Paytm's leadership in the payments market where UPI P2P (peer-to-peer) apps such as Phone Pe and Google Pay are restricted to ₹2 lakh per transaction.
"We offer all-important payment methods and are the only platform where users can pay instantly using NEFT, IMPS, UPI, Wallet, and cards. With this increased limit, we are confident that more users will prefer our services for their day to day payments," said Satish Gupta, MD and CEO, Paytm Payments Bank.
Who will be benefited?
The 24/7 NEFT transfer will also benefit the corporates and businesses who hold Paytm Payments Bank current account as now they can pay up to Rs 50 lakh per transaction round the clock. Paytm users will be able to money transfer 24x7 without any time-bound limit.
So far, IMPS facility allowed 24x7 fund transfers online but it had a limit of Rs 2 lakh that has now been increased.
"While other banks have separate interfaces for different payment modes, Paytm is the only payment app that seamlessly suggests the best way to transfer money based on the transaction amount in a hassle-free way," said the company.
It is now the only app offering more than 200 payment use-cases for everyday payment needs, widely accepted at over 14 million offline retail stores.
ALSO READ: NEFT money transfer available 24x7 from today. Check new charges, timing and all other details
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