On 7th December, Paytm announced that its users will now be able to pay through it and recharge their mobile phones instantly even without an internet connection. Customers and merchants will need to register their mobile numbers with Paytm and set a four digit PIN to utilise this facility, the company said in a statement. (Sounds pretty good, right?)
Nitin Misra, Senior Vice President, Paytm, said, “They (users) can then enter the recipient’s mobile number, amount and their PIN to successfully transfer the money from their Paytm wallet to another wallet. We are committed to enabling more and more Indians to transact digitally. The launch of our new toll free payment number (180018001234) is another significant step in that direction. This will allow even non-smartphone users across India to go cashless.”
Currently, it is used everywhere. Over one million offline merchants use it as their means of payment gateway, with it being accepted in taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and more. It can also be used to pay for services like recharges and bill payments, utility payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.
“We are on a mission to democratize payments by empowering every consumer and merchant to pay and receive money digitally. After the launch of our new Peer-to-Peer payment system for merchants, this is yet another step towards our goal of achieving a cashless India.”, adds the company in their official blog post on Medium.
Paytm has a current user base of over 160 million. The company’s investors include Ant Financials (Alipay), Alibaba Group, SAIF Partners, Sapphire Venture, Mediatekand Silicon Valley Bank.
Vijay Shekhar Sharma, Founder and CEO, Paytm