Paytm has created new categories for digital payments in India
BT Online January 16, 2017
Paytm has created new categories for digital payments in India with its recently launched use-cases including tolls, hospitals, diagnostic centers, canteens and parking among others, after ensuring strong adoption in the offline world.
Within months of launch, Paytm has witnessed significant adoption across its newer categories. After enabling toll payments at 6,000+ lanes across all national, state and city tolls, the company is already registering more than 20,000 transactions a day and aiming to reach a 2 million transactions a month by end of this fiscal year.
All major pathology labs, diagnostic centers, pharmacies and hospitals like SRL, Thyrocare, Dr. Lal Pathlabs, 98.4, Fortis, Max, Medanta and Apollo Group Hospitals currently accept Paytm as their preferred payment method. Registering more than 75,000 transactions a day, they are looking to achieve more than one million transactions a day within the category.
Parking lots and corporate cafeterias are also now enabled with Paytm. Reaching more than 1.5 lac corporate employees on a regular basis with its cafeteria partnerships, the company has reached out to large corporates across all metros.
Speaking on the development, Kiran Vasireddy, Snr. Vice President - Paytm said, "We are getting phenomenal response to all the new use-cases that we had launched in 2016. This points at the immense opportunity for mobile payments. As Paytm starts to be accepted everywhere from temples to mandis and beyond, we will continue to drive strong growth in all our existing categories and will launch newer use-cases to help hundreds of millions of people go cashless in our country."
Paytm has also partnered with over 2500 automobile service centers across Hyundai, Honda and Mahindra to enable QR code-based payments at each of these outlets. The company had added new use-cases like diary outlets, apartment maintenance and traffic challan.
The company has also expanded its offline network to over 2.8 million merchants. It has also set bolder targets in merchant acquisition to ensure consumers have more shops in their neighborhood accepting Paytm, while merchants have more customers willing to pay using Paytm.
The company has enabled its payment solution at several brand outlets across India. Leading brands including Shoppers Stop, Hypercity, Lifestyle, The Body Shop, Arrow, Nautica, Marks & Spencers, Lifestyle, Maxx, Aurelia, Colour Bar, Nike, Lotto, Sports Station, United Colors of Benetton, 24*7, Mothercare, Sunglass Hut, Pure Home, Archies and Reebok and other stores now accept Paytm. This has helped thousands of new customers to go cashless while shopping at their favorite stores.
Paytm has also enabled self-declared merchants across the country to accept up to Rs. 50,000 directly in their bank accounts. Paytm has also promised to keep bank transfer rates at 0% till the launch of the Paytm Payments Bank, which will in turn allow users to transfer money to their Payments Bank account at zero fee.