Self-declared merchants can now to transfer up to Rs 50,000 directly in their bank accounts using Paytm. The Paytm app has also been updated which according to the company makes the app three times faster even on low-end smartphones and slow networks.
The update has made it faster to add money to Paytm wallet as the process happens on a single screen that translates to quicker load times and faster user experience. With the latest update, users can pay by scanning the recipient’s Paytm QR Codes from their phone’s gallery. The app allows users to pay by being able to scan the recipients QR codes they may have received via e-mail or WhatsApp. Users will have to tap on the upper-right corner of the screen and tap on ‘Scan Paytm QR from Gallery’.
Next up, Paytm users can now access the ‘Paytm Community Forums’ option in their Paytm app and get their queries addressed by active users on the platform. Finally, merchants can now self-declare themselves on the app itself and start accepting up to Rs. 50,000 directly in their bank accounts. The amount is settled at every day and Paytm to will not charge any amount for the same. In order to self-declare, merchants need to tap on ‘Accept Payment’ in the updated Paytm app, select ‘Bank Account’, enter bank details and confirm. Wallet balance of a self-declared merchant should not exceed Rs 20,000 post which the amount is settled directly to the merchant’s bank account.