Digital payment platform Paytm has updated its mobile app with some new features.
After the update, merchants will be able to accept up to Rs 50,000 directly into their bank accounts. They will now be able to declare themselves on the app itself and start accepting up to Rs. 50,000 directly. The amount is settled at midnight every day, with the settlement charges staying at 0%.
In order to self-declare, merchants need to click on 'Accept Payment' and then select 'bank account' and enter the 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.
The update also brings fingerprint support to the app. Users can now set their fingerprint as the password. Along with this, they will also be able to scan the recipients' Paytm QR codes from their phone's image gallery. In order to do this, users just need to tap on the upper-right corner of the screen and tap on 'Scan Paytm QR from Gallery' option.
Lastly, the app provides the users access to 'Paytm Community Forums' option, where they can get all their queries answered.
Recently, Paytm announced that its wallet business will soon be transferred to its payments bank. The company mentioned that the Paytm Wallet will soon be transferred to the newly incorporated Paytm Payments Bank automatically but added that the m-wallets will work even after January 15.
Things like login details, wallet balance and user experience will remain the same as well.
In case users choose to discontinue their Paytm wallets, they can send an email to care@paytm.com or log in to Paytm.com/care to notify the choice of opting out and redeeming the balance by a one-time transfer to their own bank account.
