Paytm is leaving no stone unturned to rule the Mobile Wallet Industry and the company is promptly coming out with new features to make its services more user-friendly. Within weeks of launching the PoS feature that allows small merchants to receive payments through its network, Paytm is back with another game changer and has launched a toll-free number (1800 1800 1234) through which, users can avail the e-wallet services without having an internet connection.
Customers, as well as merchants, will now be able to perform transactions through Paytm Toll-Free and they won’t require an internet connection for this.
Here is how you can avail this service:
One has to register his mobile number with Paytm Wallet and set a 4 digit PIN. All you need to do afterward is, enter the recipient’s mobile number with the registered PIN and transfer the respective amount from one wallet to another.
Easy right?? There is a catch. For registering your mobile number with Paytm, you need to access the Paytm app and this is the only moment, when you need to have an internet connection. Further, the recipient also needs to register his mobile number with Paytm (It’s but obvious, however, we thought of sharing the whole information)
Similarly, to transfer money to your Paytm account, you need to access Paytm app or website.
Considering the ease that this feature will provide in the future, this is a nice bargain.
In another attempt to woo Indian users, Paytm launched a feature last month, that allowed merchants to transfer money from their e-wallet to any bank account with transaction fees of 1%. However, Freecharge introduced the same service with no such fees which forced Paytm to make its services free of cost.
So how does Paytm’s e-wallet earns? It’s none of our business but for the sake of knowledge, here is how.
There are several on page advertisements that are present on every e-wallet’s portal/app. For every click on an advertisement, Paytm receives a specific amount of commission, so, more subscribers result in more revenue.
So far, Paytm has benefited the most from PM Narendra Modi’s decision to demonetize Rs 500 and Rs 1000 notes that resulted in a cash crunch or we can say a cash conservation scenario. This cash conservation scenario is the aftermath of all those people lining up in front of banks and ATMs who are still not getting enough cash to survive for even a couple of days and are inclining towards electronic money.
Paytm has reached the 5 million transactions per day benchmark and soon enough the company will process over Rs 24,000 crores worth of transactions.
Paytm is regressively launching new features and is currently the most dominant force in e-wallet industry. In order to retain its numero uno position, we can expect the company to offer many other new services in the coming future.
If we talk about digitalisation and cash less economy that PM Modi has dreamt of, Paytm is gradually becoming the most sought after the company which is going toe to toe with our Prime Minister’s vision, in order to take Indian economy to the International Level.
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7 December 2016
Rohan Jaitly