Product Launch Details

Paytm (One 97 Communications Limited) has launched a new feature called 'Paytm Split Bills' on its app. The feature is designed to help friend groups, college students, Gen Z, and young professionals manage shared expenses for various activities including trips, meals, movies, shopping, fuel, and other group plans.

Key Features and Functionality

  • Users can create groups and add unlimited shared expenses at no cost, with no entry limits, paid upgrades, or additional charges.
  • Expenses can be split using multiple methods: equally, by exact amount, by shares, or by percentage.
  • The group summary provides a clear view of the total amount spent, each person's share, pending balances, amounts to pay or receive, and recent activity.
  • Expenses paid through any method can be recorded, including Paytm UPI, other payment apps, cash, or cards, keeping a complete shared expense history in one place.
  • Payment reminders can be sent directly from the Paytm app.
  • Dues can be settled through Paytm UPI with pre-filled amount and recipient details.
  • Payments settled separately can be marked as received.

Target Market and Strategic Context

The launch is positioned for Friendship Day and targets friend groups, college students, Gen Z, and young professionals. This feature expands Paytm's financial life app proposition by integrating payments and money management tools in one place. The company describes itself as India's full stack merchant payments leader serving MSMEs and enterprises, a leading financial services distribution company, and the pioneer of mobile payments, Paytm QR and Soundbox.

Additional Context on Paytm App Features

The press release also mentions other existing features on the Paytm app that support its financial life app strategy:

  • Spend Summary for spending insights
  • Hide Payments for greater privacy
  • Download UPI Statement for payment records
  • Smartphone home screen widgets for faster access to send and receive money
  • Gold Coins on every payment, redeemable into real gold

How to Use the Feature

A step-by-step guide is provided:

1. Open the Paytm app, go to the 'Pay Anyone' section, and tap 'Split Bills'.

2. Create a new group or select an existing group.

3. Add contacts, enter the group name, and select the group type (trip, home, couple, or others).

4. Tap 'Add Expense', enter the amount, and choose a category (food, groceries, travel, bills, shopping, fuel, or entertainment).

5. Select who paid and choose the splitting method (equal, exact amount, shares, or percentage).

6. Review pending balances and send payment reminders from the group summary.

7. Settle dues through Paytm UPI or mark payments as received.

Management Commentary

A Paytm spokesperson stated: 'Shared moments should be remembered, not spent calculating who owes whom. Paytm Split Bills gives friends a simple way to manage group expenses and settle dues through Paytm UPI, while helping us build Paytm as a financial life app for India.'

Company Background

Paytm is described as the pioneer of mobile payments, QR, and Soundbox in India, and as India's leading payments and financial services distribution company. Its mission is to bring half a billion Indians into the mainstream economy.