Millions of users can pay up to Rs 10 lakh per transaction instantly from their Paytm App using NEFT powered by Paytm Payments Bank, the company said in a statement.
This extends Paytm's leadership in the payments market where UPI P2P (peer-to-peer) apps such as Phone Pe and Google Pay are restricted to Rs 2 lakh per transaction.
"We offer all-important payment methods and are the only platform where users can pay instantly using NEFT, IMPS, UPI, Wallet, and cards. With this increased limit, we are confident that more users will prefer our services for their day to day payments," said Satish Gupta, MD and CEO, Paytm Payments Bank.
This also benefits the corporates and businesses who hold Paytm Payments Bank current account as now they can pay up to Rs 50 lakh per transaction 24x7.
So far, IMPS facility allowed 24x7 fund transfers online but it had a limit of Rs 2 lakh that has now been increased.
"While other banks have separate interfaces for different payment modes, Paytm is the only payment app that seamlessly suggests the best way to transfer money based on the transaction amount in a hassle-free way," said the company.
It is now the only app offering more than 200 payment use-cases for everyday payment needs, widely accepted at over 14 million offline retail stores.
( With inputs from IANS )