Noida-based mcommerce and mobile wallet platform Paytm has announced a toll-free number 1800-1800-1234, which will enable consumers and merchants without an Internet connection, to pay and receive money instantly.
Using the service users can also recharge their mobile phones. The feature is aimed at feature phone users and non-smartphone users.
Commenting on the announcement, Nitin Misra, Sr. Vice President – Paytm said, “We are committed to enabling more and more Indians to be able to transact digitally. The launch of our new toll-free payment number is another significant step in that direction. This will allow even non-smartphone users across India go cashless.”
To use the service, customers and merchants need to register with Paytm with their mobile number and set a four-digit Paytm PIN. They can then enter the recipient’s mobile number, amount and their Paytm PIN to successfully transfer the money from their Paytm wallet to another Paytm wallet.
Currently, over a million offline merchants across India accept Paytm as their preferred payment mode, according to an official statement. Paytm claims to have a user base of more than 160 Mn, and aims to bring half a billion Indians to the mainstream of the economy using mobile payment, commerce and soon to be launched payment banking services.
Earlier this week, Paytm’s parent company, One97 Communications issued a public notice that it would be transferring its wallet business, after necessary approvals, to the newly-incorporated Payment Bank entity. As a part of the merger, a customer’s Paytm wallet will now move to the Paytm Payments Bank Ltd., in the same capacity. So if Paytm doesn’t receive any communication from the user before December 21, 2016, each user will have a bank account with Paytm.
Earlier in November 2016, mobile wallet company MobiKwik launched MobiKwik ‘Lite’, a light mobile wallet, aimed to help unorganised retailers and shopkeepers across India to receive payments. The MobiKwik Lite App is under 1 Mb and this allows it to work smoothly on EDGE connections. This move is aimed to address the underserved smartphone users in India, that have slow data connectivity. Just yesterday, ShopClues also announced the launch of ‘Reach’ – a payment gateway, under its Business Edge initiative. ‘Reach’ will help brick-and-mortar stores across India process cashless transactions for customers who prefer making payments digitally.