Pay TM has come across in the best acronym for “Payment through Mobile”, preferably to Android, Windows and iOS users. Founder Vijay Shekhar Sharma with its parent One97 Communications has played a massive role in providing efficient facilities to its user. An e-commerce website that has played a major role after demonetization of 500 rupees currency & 1000 rupees currency in our country, paytm has played major role in the payment system which looks to be something very new and trendy. Paytm has reached upto the grass root level, where the customers can go for some new and easy way to pay their bills and opt to go for cashless economy and support the Government in making India clean and white. Paytm is the first e-commerce website that carries a license from RBI for bank payments and provide a smoothie money transactions. On account to make India opt for a cashless economy paytm has launched its branches with 100 million wallets that carry transactions directly to banks with individual bank account holders.
A vegetable hawker says, “I would say this is a very good system that has been launched; I find it hard to pay the changes after the demonetization was done by the Government, we find it hard to carry changes for 2000 rupees notes.” “I find it amazing because many Bakery shops, Mobile recharge points, Medical pharmacies have installed paytm wallet system and I feel this system would merge with more users in the coming days,” added.
“This wallet system has brought a new phase that leads to change in mode of payment system”, a pharmacist also expressed his views on present situation that occurred due to demonetization.
Paytm has updated its app to launch India’s first APP POS allowing all small & medium merchants to accept all card payments including Rupay, Visa, MasterCard and Maestro. This has been more than a card swapping system that we generally follow due to demonetization. Speaking at the launch, Vijay Shekhar Sharma, Founder and CEO said, “India needs a very innovating mobile pos machine and Paytm has already been accepted by many merchants. By extending our merchant network to all other payment networks, we are enabling digital payments to a very large number of Indians.” Under “Accept Payment” icon on new updated App, small shopkeepers and businesses can self declare their details and give bank account details to start receiving payments instantly say anywhere in India.
Paytm also aims to empower over 15 million merchants across the country by enabling them to accept debit and credit card payments at zero setup fee and zero introductory transaction processing cost. Paytm is also concern for poor vegetable hawkers, fruit sellers, meat sellers such that Paytm is on a mission to democratize payments and empower even the smallest merchants to be able to accept credit and debit card payments from their customers. We are very proud that we are able to contribute to the digitization of our economy,” said Vijay (CEO) Paytm. Paytm is backed by a strong ecosystem of customers and merchants; the company is currently registering over an average of 5 million transactions worth with an annualised GMV of Rs. 30,000cr. Over 15, 00,000 offline and online merchants across India accept Paytm as their preferred payment mode. It was a tough time for Paytm as well to merge as pioneer in opting for cashless economy where paytm is accepted everywhere today say it for hiring a taxi, autos or getting petrol for our cars, bikes etc. Paytm has been introduced in Petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, hospitals, kirana shops, newspaper vendors and many more. Paytm can also be used to pay at thousands of apps & websites for services like recharges and bill payments, movie tickets, travel bookings, food ordering and shopping as well.
In North-east sector little positive response with from small business holders like a ‘golgappa wala’ named Rameshwar Chaurasia from Makum Daily Bazaar was seen excited to go for paytm that too for a change which can make a customer go amaze. Well,
Paytm also aims to empower over 15 million merchants across the country by enabling them to accept debit and credit card payments at zero set-up fees and zero introductory transaction processing cost. “It has become most handy for vegetable hawkers, fruit sellers and butchers. Paytm is on a mission to democratise payments and empower even the smallest merchants to be able to accept credit and debit card payments from their customers. It has hugely contributed to the digitisation of the economy. Paytm is approaching even the small vendors in various cities of India including and is convincing them to use this digital mode of payment,” he further remarks.
“We spend hours designing each new feature and give attention to minute details. With this new move, we are looking to push our share of customers from Tier II and Tier III cities from 50 per cent to
70 per cent. Of course, we are facing quite a few challenges like KYC norms where it is mentioned that a mobile number can’t be the ID of a customer. Customers are a little hassled because banks are not accepting their mobile numbers as IDs as far as Paytm is concerned,” Joshi adds.
The Paytm employee said that the northeastern region still has few users and they are planning to approach small traders from the region to get into the Paytm fold. He said that Paytm’s main objective is to ensure a “digital India sans corruption”. “In a digital space, people expect perfect service from Day One and we, in Paytm, are trying to live up to that,” Joshi avers.
After the demonetisation drive, even a golgappawallah like Rameshwar Chaurasia has gone in for Paytm. Chaurasia feels that initiatives like Paytm will go a long way in realising Modi’s ‘Make in India’ initiative. “It is the best thing to have happened and will help Generation Next to grow,” he feels.
“Paytm is of huge help to process bills and help in proper transactions. It helps not only the customers but also the vendors, hawkers and all people who are into any kind of business,” states a vendor of Mobile Recharge Point. Generation Next simply cannot get enough of Paytm
Paytm is all set to unveil its multilingual interface to enable millions of Indians to overcome language barriers and pay and shop in their preferred regional languages. Likewise, this user interface will be available on Android in English which is a basic one and 10 different regional languages including Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi. Moreover, it has expanded its reach to over 80 per cent smart phone users in India, who prefer Internet-based services in regional languages, thus making mobile payments and commerce now accessible to all. To make India opt for a cashless economy, Paytm has launched its branches with 100 million wallets that carry transactions directly to banks with individual bank account holders. Post-demonetisation drive, people are also using Paytms in temples or places of worship for donations in few places in India. Prior to the scrapping of Rs 500 and Rs 1,000 notes, people were not very comfortable with the idea of an online wallet. But, today, the scenario is such that from paying your parking ticket to paying your paanwallah, people are largely going in for the Paytm mode. Digital wallet has arrived in India.