With an aim to expand its reach, India’s leading mobile commerce firm Paytm has announced that it is working on a platform that will allow its users to add cash into their accounts at retail counters, including kirana stores.
This move will help the firm to provide more conveniences to consumers who are regularly shopping on various ecommerce platforms through digital wallets.
The company is conducting a pilot in the Delhi-NCR region and tied up with a few offline retailers to see the feasibility of over-the-counter cash mechanism. Presently, customers can add money through credit cards.
Speaking on the plans, Amit Lakhotia, Senior Vice-President, Paytm said, “users will be able to add cash up to INR 5,000 into their account by paying the same to the offline retailer. The process would, however, require the retailer to have a Paytm wallet. This is similar to adding talktime on a pre-paid mobile connection.”
Looking at the market trend, the company is constantly investing in creating an easy and convenient money transfer facility for the digital wallet users. It has recently introduced the Immediate Payment Service and also has integrated Netbanking on its platform. This allows Paytm users to transfer money into any bank account.
Founded by Vijay Shekhar Sharma in 2010, Paytm is owned-by a leading mobile internet company One97 Communications. It has about 22 Mn app users, which is more than the number of credit card users in this country, with 15,000 merchants accepting its wallet. The company claims to cater more than 30 Mn orders of various digital and physical goods every month.
The five-year-old company is heavily backed by many international investors like Alibaba and Singapore-based Temasek Holdings which had invested more than $500 Mn in Jan 2015. Last year in Dec 2014, the company announced its foray in International markets too. Recently, it has also announced its plans to set up 30,000 to 50,000 offline retail outlets to help people for a cashless exchange and provide basic customer care. Just recently, Paytm has announced the launch of its app for Android Wear. The newly launched Paytm app will allow shopping & payments from Android wearable and watches.