We are snarlingly but thankfully moving towards a cashless economy with digital payments getting a huge boost in the country. In a move which is perhaps the most crucial step in the direction, PayTm has partnered with the Bank Of Maharashtra to allow its customers to recharge their PayTm wallets through their ATMs.
Customers of the Bank of Maharashtra can use their debit card to top up their Paytm wallet by walking into more than 1,800 ATMs across the country,
said Nitin Misra, Vice President, Products at Paytm.
The company is in talks with other leading banks as well to expand this feature which would also give a huge boost in the PayTm customers.
According to the data by RBI, the number of debit cards at 570.8 million exceeds the number of credit cards standing at 21.48 million by a huge margin. Moreover the number of ATM and points-of-sale transactions during May from credit cards(0.46 million at ATMs and 60.13 million at POS) also lagged behind those from debit cards(636.6 million ATM transactions and 88.96 million POS) by huge amount.
This makes the debit card holders having ATM cards an excellent market for mobile wallets to expand their customer base and urge people to go cashless.
Backed by the Alibaba Group, Noida based PayTm already claims to process 75 million transactions every month from 100 million users. It recently tied up with Miranda stores in Andhra Pradesh to allow its customers to load their wallets and also with ICICI bank to allow the users to top up their mobile wallet in a bank branch.