Taking another step closer to financial inclusion of in India, Paytm has today announced the launch of a toll-free calling service to enable users to complete transactions on its platform. This service will be extremely beneficial for non-internet and feature phone users in the country.
Starting today, the service is available for existing Paytm users. They can now dial the toll-free number 1800 1800 1234 and complete payments to any Paytm customer or merchant without an active internet connection. But to complete the same, users will be required to follow some initial registration steps on the call.
To start using this service, Paytm users as well as merchants will have to first register their mobile numbers (linked to the app/web platform) and then set a 4-digit PIN that’ll be used to verify transactions. They can now transfer money from one Paytm wallet to another with ease.
Please note, that you will need an existing Paytm account to use this service. You will have to call this Toll Free number from your mobile number registered with Paytm,
reads the official blog post.
This service can prove to be highly useful in the wake of PM Modi’s landmark move of demonetising high-value currency notes in the country. But it is also lacking in certain aspects as it requires the user or merchant to already have a Paytm account, to begin with.
The users can only top-up their accounts via the mobile app, the web platform or any of the 2 lakh+ cash-in points across India. Instead, the digital payments provider should provide some way of recharging the wallet using the toll-free number and an automated service – similar to telecom services. The complete offline process should be automated, instead of involving a middleman or internet service or an account.
This move from Paytm, however, follows pursuit to the recently launched POS system accessible on mobiles. The company has posted strong growth figures, including the 50 million app download milestone, 435 percent rise in traffic, 1000 percent increase in money added to wallets.
In short, it has hugely benefitted from the said demonetisation move of the Modi govt. And we’ll be looking for more innovative product launches in the coming months, including the payments bank service.
