India-based mobile wallet provider Paytm this past week announced a new feature that enables users to transfer funds into any bank account, according to multiple media reports.

The system, called the Immediate Payment Service, enables users to transfer a maximum of 5,000 India rupees ($US80) per day and up to 25,000 rupees per month. Paytm will allow a minimum transaction at 1,000 rupees, but the sender needs to have at least 2,000 rupees in credit associated with their account. 

Paytm users must have their mobile number or email verified and be registered on the system for over 45 days in order to use the service, according to the company.