While the company is eyeing to launch its Payments Bank service soon, here is the list of new features which comes with the latest update.


Building up on the popularity gained after demonetization, Paytm has now added a bunch of new features in its wallet app to give additional functionality along with making it lighter and faster. The updated app remains light and loads 3X faster even on low-end smartphones and slow network areas, claims Paytm.While the company is eyeing to launch its Payments Bank service soon, here is the list of new features which comes with the latest update.After the latest update, users can now self-declare themselves as merchants on the app itself after which they can start accepting up to Rs 50,000 directly in their bank accounts. The account settlement will happen at midnight every day with no charges if the merchant is requesting the transfer to his/her Paytm Payments Bank account. In order to self-declare yourself as a merchant, head to the 'Accept Payment' in the updated version and choose 'Bank Account' after which the app will ask you to fill in your details. Please note that the wallet balance should not cross the Rs 20,000 limit after which the amount will be directly settled to the merchant's bank account.Instead of multiple pages, adding money to your Paytm wallet will now happen on a single screen making it a much easier and faster process.To enhance the security aspect of its e-wallet service, you can now set your fingerprints as your Paytm password. Fingerprints are more secure and a lot quicker than entering a traditional PIN or Password.Apart from scanning the QR code from the built-in device's camera, the new updated version now also allows one to scan the recipients QR code received via e-mail or WhatsApp by scanning the code from your smartphone's Gallery. With the help of this new feature, one can save on the transaction time even if the recipient or payee is not near each other.For answering various queries and grievances of its users, Paytm has also brought in its own 'Paytm Community Forums' wherein a user can get his or her issue resolved by interacting with over 10 million active users.