Paytm, a India-based mobile payments service operated by (now) Alibaba-backed One97, has introduced a big new feature that lets 25 million users transfer money to bank accounts.
Mobile wallets, like that of Paytm, have grown in popular in India, where credit card adoption is low and many services, including online retailers, process a lot of cash-based transactions. (Its billion-plus population is estimated to have just 450 million bank accounts, with many unused.) Wallets are at the intersection of that, providing greater reliability than cash, but without requiring users to get bank accounts.
Now that it allows users to transfer money into their bank account (or that of a friend), Paytm’s wallet — which is supported by Uber, among other services — becomes a more versatile way of managing small cash floats.
Those using the new Immediate Payment Service (IMPS) service can transfer a maximum of 5,000 INR ($80) per day, and up to…
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