Mobile-focused e-commerce marketplace Paytm will be opening around 50,000 offline retail outlets where users can load cash into their wallets and also has introduced IMPS (Immediate Payment Service) on its platform, through which users will be able to use their mobile wallets to transfer money into bank accounts, reports YourStory. Interestingly, Paytm is also one of the 41 applicants for payments bank license according to a list released by RBI. Vijay Shekhar Sharma, the founder of Paytm applied for the license in his personal capacity.We wonder if the new offline retail stores can function as infrastructure in the future for a payments bank if Paytm gets a licence from the RBI. As for the IMPS feature, users will need to have mobile or email address verified and must have had their account registered for over 45 days. The minimum account balance for carrying out such transactions is Rs 2,000, while the minimum transaction amount is Rs 1,000. The daily upper limit for bank account transactions is Rs 5,000 and the monthly limit is Rs 25,000. It's worth noting that close on the heels of issuing new guidelines for payments banks, the Reserve Bank of India also relaxed some of its norms for pre-paid instruments (PPI). This included allowing two new categories of open system of pre-paid instruments. The new guidelines also allowed open PPIs which are instruments which can be used for purchase of goods and services, including financial services like funds transfer at any card accepting merchant locations (point of sale terminals) and…
