Paytm becomes only app to allow three ways to pay 24×7

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As the Reserve Bank of India decides to provide a liquidity facility for the smooth operation of National Electronic Funds Transfer (NEFT) payment system on a round-the-clock basis from Monday, India’s digital payment leader Paytm has become the only payments app giving three ways to pay 24×7 which include UPI, IMPS and now NEFT mode.

Now, users are allowed to pay up to 10 lakh per transaction instantly from their Paytm account using National Electronic Funds Transfer (NEFT) powered by Paytm Payments Bank, the company said.

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This service gives an edge to Paytm as its rival apps like Google Pay and Phone Pe have a cap of 2 lakh per transaction.

Businesses and corporations who hold Paytm Payments Bank current account can now pay up to 50 lakh per transaction on a round-the-clock basis. Till December 16, Immediate Payment Service (IMPS) was allowed 24×7 fund transfers but had a cap of 2 lakh.

“In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24×7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS),” RBI had earlier said.

The notification added “The LS facility will be available for facilitating NEFT settlements on 24×7 basis. The LS facility will operate as per the same terms and conditions as the Intra-Day Liquidity (IDL) facility.”

It is now the only app offering more than 200 payment use-cases for everyday payment needs.

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