With Paytm adding five lakh cutsomers and doing 60 lakh transactions per day, it has been the biggest beneficiary of PM Narendra Modi's demonetisation drive.
With Paytm adding five lakh customers and doing 60 lakh transactions per day, it has been the biggest beneficiary of PM Narendra Modi’s demonetisation drive. Founder and CEO, Paytm, Vijay Shekhar Sharma on Thursday told ET Now that only 20% transactions were offline before demonetisation. “Offline payments are becoming bigger than online payments for us,” he said. ” We want to become the digital transactions leader. We want every small business, offline retailer to accept Paytm,” he added. Earlier today Paytm also announced that it would have a deep integration with India Stack to leverage the platform’s open-stack technology and ensure the best possible experience for its customers and merchants. The company has implemented India Stack components like eSign and eKYC to ensure great scalability for its mobile payments and commerce solutions.
“We will leverage the power of India Stack starting from Aadhar to UPI to DigiLocker in our upcoming Payments Bank. This will allow us to offer cost-effective services to Indians and bring us closer to our goal of bringing half a billion Indians to the mainstream economy,” said Vijay Shekhar Sharma. Currently over a million offline merchants across India accept Paytm as their preferred payment mode. Paytm is accepted everywhere including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and many more. Paytm can also be used to pay for recharges and bill payments, utility payments, movie tickets, travel bookings and shopping. With Its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.
Paytm also announced a toll-free number 180018001234 to enable consumers and merchants without an internet connection to pay and receive money instantly and also recharge their mobile phones. This will empower millions of non-smartphone users to go cashless even without a smartphone. To use this service, as a first step, customers and merchants need to register with Paytm with their mobile number and set their four Digit Paytm PIN.