Paytm Revamps App To Change User Experience

Digital payments platform Paytm revamped its mobile application in an effort to change the user experience. The firn is moving from being just a digital wallet to a full stack payments provider by offering multi source and multi destination solutions.

The online payments app is reportedly eyeing exponential growth in money transfers by targeting the unorganized workforce this year. The company has also added multiple payment methods, including bank to bank transactions under its ‘Money Transfers’ option, in an attempt to overpower WhatsApp’s and Google’s payment businesses in the country.

Speaking about the redesign, Paytm’s Chief Operating Officer Kiran Vasireddy said, “We are very excited to introduce the new, revamped interface on (the) Paytm App. The new design is refreshing and has upgrades (sic) to some of the most important flows, including money transfers.” The new application already went live for Apple users on Sunday and will be available for Android devices from Monday. The company claims with a reach of seven million offline merchants, the app has achieved a billion transactions per quarter.

Along with intense competition from international players such as Google and WhatsApp, the company has further been impacted by the Reserve Bank Of India’s new Know Your Consumer (KYC) guidelines. So far, the company has offered separate money transfer options between the Paytm Payments Bank and other banks focusing mainly on peer to peer transactions on the digital wallet and peer to merchant transactions through QR codes. This revamp, however, will help position the online payments firm as a ‘super app’ by enabling large transactions such as rental payments through bank to bank transfers and offering multiple modes of payment under one option.

Kiran Vasireddy further added, “This year, we are aiming for an exponential growth in money transfer transactions by transforming payments done in the unorganized sector — this will include freelancers, tuition fee, house rent, salaries of the unorganized workforce and others into direct bank transfers using the Paytm app.”