Paytm is the latest company to jump on the person-to-person (P2P) money transfer bandwagon. Mobile payment firms like M-Pesa and Oxigen, and certain banks are also joining the pararde to offer ease and convenience of the cashless mode and promote cash-less and paperless transactions while making  payments.

“We did a quiet launch for select users in April, and are now rolling it out to all Paytm users. We saw good traction in this space with a million transactions in a day,”said Paytm founder and CEO Vijay Shekhar Sharma.

What is new? 
To enhance security, an SMS-based password will be sent to the user transferring money from the mobile wallet. The ease of use and convenience will be more for a Paytm user.

About PayTm

• paytm: an acronym for Pay Through Mobile.
• it is one of the fastest growing Indian e-commerce shopping websites launched in 2010
• headquarters: in Noida, India.
• Paytm was founded and incubated by One97 Communications in 2010
• founder: Vijay Shankar Sharma
• In 2012, Paytm was recognized as the ‘Most Innovative Startup of the Year’ at the Entrepreneur India event