Digital Payments are changing the way we transact on daily basis – mobile wallets, Paytm in particular, are leading this charge. Now Paytm wallets will be accepted even at Petrol pumps!
Earlier today, Vijay Shekhar Sharma, Founder and CEO of Paytm announced on his Facebook time line, that going forward, customers can pay for fuel using Paytm at Indian Oil Petrol Pumps.
While not too many details are out as yet, it seems that currently mobile wallet payments are accepted at select retail outlets in Delhi. However, this seems to be the start and slowly Paytm will start getting accepted at other Indian Oil outlets as well.
We have said this earlier, very soon we may see mobile wallets replacing your physical wallets, and this is a prime example of how fast that scenario is coming to reality!
Paytm claims to have over 120 million registered users and more than 2.5 million transactions daily, on average. Now, with acceptance of Paytm wallet at Petrol pumps, the number of transactions are expected to grow at much faster pace.
Offline payments market is huge – cashless or digital transactions account for a very small fraction currently. However, this scenario is changing quite fast
Recent Announcements by Paytm
Delhi Metro Payments: Soon DMRC is expected to come out with a new token that will automatically deduct the fare from your Paytm balance, instead of making you repeatedly recharge a Metro card.
Financial Services Entry: Customers of Manappuram Finance And Muthoot Fincorp can now repay their loans using Paytm app. After receiving RBI approval to become a payment bank, Paytm launched their financial services business.
Education Space Payments: Paytm has introduced cashless payments specifically for educational institutions in India. With this service, Users can pay school fees & dues, cafeteria bills as well as buy uniforms, books and merchandise through the Paytm Wallet.
Movie/Event Ticketing: Paytm has launched a entertainment ticketing marketplace on its platform. They are more of on aggregator, where anyone can come and offer their tickets online. It will operate as a marketplace where a multiplex or theatre will be the seller
Hotel Booking: Paytm recently entered hotel booking space by partnering with Goibibo, Ezeego1, Via & TSI-Yatra
Hyperlocal Business: Paytm has entered into hyperlocal space with focus on food ordering, table booking, cinema tickets, and deals in the neighborhood.
Virtual Pre-paid Cards: Last week, Paytm announced launch of Virtual prepaid cards for consumers in partnership with ICICI Bank. With this virtual card, consumers will be able to pay at wide variety of establishments from the balance they have in their Paytm wallet.
Apart from this Paytm also announced various other initiatives including QR code based Cashless offline payment facility for Shopkeepers, Kirana stores or even a cab driver.