17th December 2019: With effect from today, the Reserve Bank of India (RBI) has made online NEFT transfers around-the-clock process on all days including weekends and holidays. With this, India’s digital payment leader Paytm has become the only payments app offering 3 ways to pay 24×7 seamlessly within the same “Money Transfer” flow via UPI, IMPS & now NEFT powered by Paytm Payments Bank. This is a beneficiary move for Paytm as now millions of its users can pay up to Rs. 10 lakhs per transaction instantly from their Paytm App using NEFT.
This also benefits the corporates and businesses who hold Paytm Payments Bank current account as now they can pay up to Rs. 50Lacs per transaction 24×7. RBI moves undoubtedly promotes the adoption of digital transactions in India among individuals and corporates. So far IMPS facility allowed 24×7 fund transfers online but it had a limit of Rs. 2 lakh which 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. The platform promotes each of the payment methods be it cards, wallet, UPI, net-banking, and others. It is India’s only super app offering more than 200 payment use-cases for everyday payment needs and also widely accepted at over 14 million offline retail stores.
Speaking on this, Satish Gupta, MD & CEO – Paytm Payments Bank said, “We welcome RBI’s NEFT mandate. We are well-positioned to leverage this move for growing digital transactions in India. 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.”