Paytm which started off as a mobile wallet has come a long way in a short time and now looking to play the main role in propelling the country to a cashless economy. The company has set big goals in enabling Paytm payments to offline merchants such as local Kirana stores, vegetable vendors, food chains, petrol pumps, etc.
This year, we will be present offline in every nook and corner. Our offline payments will become as big as our online payments.
said Vijay Shekhar Sharma, CEO at Paytm.
The company plans to give the offline merchants a personalised sticker containing a code which can be scanned by the mobile phone of a customer. The customer is asked to enter the required amount to be paid and the amount is transferred immediately to the merchant.
Paytm entered the offline transactions around four months ago. It already claims to be doing 3.5 million offline transactions in a month worth $8.5 million which excludes mobile recharges. And it estimates this number to grow 10 times to 35 million with 4 million offline merchants by the end of this year.
Towards the same goal, last month, the company also eliminated the ‘per transaction fee’ incurred by a merchant for every digital transaction to attract more merchants to accept the digital payment through PayTm.
The company is also planning to train its offline merchants to become cash collection agents for its payments bank to acquire customers and recharge Paytm wallets.
Payments and wallets help acquire consumers, marketplace, online to offline and offline business helps acquire merchants and our payments bank will provide financial services for both consumers and merchants,
In addition to it, Paytm also plans to add 3.5 lakh physical add cash points by the end of this year. It already has 67,000 such points which help the people to recharge their PayTm wallets using their ATM cards and bank network.