Tag: paytm wallet

Top Three E-Wallet Apps In India
For most of the transactions, we use physical currency. However, that goes out the window once most of your currency is demonetised. But, thanks to some really good e-wallet apps, transactions are not that difficult. So, let’s have a look at the top 3 e-wallet apps in India.

Paytm

Paytm is probably the first widely accepted e-wallet service in India. It can be accessed using an iOS or an Android smartphone. In fact, one can also access it using any of the standard web browsers. The platform comes with features like Paytm Wallet, where a user can use the wallet to make seamless transactions. Recently, Paytm has also started the Paytm payments bank, where the user can create a virtual savings bank account and get its own physical debit card. The platform also offers the ability to transfer money to bank accounts for a nominal fee. Paytm can be used to recharge mobiles, DHT, paying electricity bills, paying college tuition fees etc.
- Link to Android
- Link to iOS
Google Tez

Google Tez is the newest member of the e-wallet group. Unlike most of the e-wallets, Tez does not have the wallet service. The money sent/received will directly reflect in the user’s bank account. To use Google Tez, one has to have an active bank account with the Unified Payment Interface (UPI). Tez also offers coupons in return for the transactions. A user can win from Rs 1 to Rs 1,00,000by scratching those coupons on Google Tez. One can link the UPI account created on Tez to the third party apps like Uber. Similarly, one can invite others to Google Tez to earn Rs 51.
- Link to Android
- Link to iOS
Amazon Pay

Amazon Pay is similar to Paytm with an Amazon Wallet. As the name suggests, this feature is initiated by Amazon, which can be used to shop on Amazon. However, one can also use this feature to pay the post-paid account bills, recharge pre-paid numbers and can be used with other services like Bookmyshow and Tapzo. Amazon Pay comes with additional perks like 50% cashback on recharges, Rs 100 back by adding Rs 300 to the wallet and more. If you are an online shopping junkie, then this a must have e-wallet service.
- Link to Android
- Link to iOS
March 19, 2018
Paytm’s Mobile Wallet Will Soon Be Accepted at Café Coffee Day, Domino’s and More

After stepping in the e-commerce market, Paytm is geared to diversify into the offline space. The digital recharge start-up has partnered with thousands of quick service restaurants (QSRs) in major cities of India to provide cash-less service in the next two months. By stepping in offline retail business, the mobile recharge service will offer customers a choice to pay through their secure platform without the need to carry cash.

The Vice-President (Business) of Paytm Amit Lakhotia stated on the same –

We are now foraying into the offline space. We have partnered various QSRs covering 7,000-10,000 outlets in cities like Delhi, Mumbai, Bangalore and Hyderabad.

He further added that the service should be available by mid-June. Some of the restaurants that have joined hands with Paytm include top food chains like Café Coffee Day (CCD) and Domino’s. The company is planning to add more more restaurants where their Paytm Wallet can be functional.

Lakhotia stated on the growing acceptance of their virtual wallet application, “Mobile wallet usage is definitely growing in the country. On our platform alone, about 66 million people are using the wallet services and the number will cross 100 million much before the year ends.”

The company commenced the Paytm Wallet app with its debut in e-commerce space. Paytm wallet allows users to transfer money within the wallets. The app offers users to transfer money to a bank account from the wallet so that they can cash out the required amount.

Paytm expects to observe a steep increase in revenue by the year end. Right now, its revenue rate is $1.5 billion, but it is expected to multiply more than double to $4 billion by end-2015.

Meanwhile, Paytm provides its services to the online services like Uber, BookMyShow, eBay and IRCTC.

May 4, 2015
Paytm Steps into E-Commerce Market with the Launch of New Seller App

Indian mobile payment start-up Paytm is forcing itself to the rapidly growing e-commerce market in India. Lately, the online payment platform announced itself as a new-fangled e-commerce company and said it would work with emerging businesses. The start-up firm, aiming to become India’s Taobao, came up with two big announcements -One is the wallet app, and the other is a platform for sellers that allows both individuals and businesses to sell their products.

The Founder and Chief Executive of Paytm owner One97 Communications, Vijay Shekhar Sharma said in a statement –

Everyone is moving to mobile now, but that is what we started with. We see opportunity in enabling payments in everyday use cases.

The mobile payment service has updated its website to tie-up with more sellers. At the top left of the Paytm homepage, users will now see a ‘Become a Seller’ button (a seller app), clicking which small and medium-sized firms can exhibit their products on a widely recognised platform. The emerging businesses can display their catalogue, manage their inventory and orders on Paytm. The listing would be absolutely free, and connecting merchants don’t have to pay any fee for enrolling themselves on Paytm. This will help flourish start-ups as other websites charge 10%-15% commission.

It also launched Paytm Wallet app that allows users to transfer money within the wallets. The app offers users to transfer money to a bank account from the wallet so that they can cash out the required amount. Sharma added to his comments, “We have about 66 million wallets, which we want to take to 100 million by the year end. We’re doing 1 million money transfers a day on the beta version of the wallet app.” Paytm Wallet accounts are RBI approved. A user can make a monthly transaction of maximum Rs. 1 lakh.

Paytm getting financial support by Alibaba’s finance arm Ant Financial presently holds a 25% stake. Eric Jing, Ant Financial’s chief operating officer, stated that it is sharing its learnings from China’s Taobao with the Indian mobile service provider. The company expects to earn over $4 billion (Rs 25,360 crore) by the year end and take onboard 1,00,000 sellers, which is 33,000 as of now. Paytm is spending more than Rs 500 crore on marketing this year.

Paytm kicked off as an online recharge website, and monitoring the recent business trend of operating from mobile, the company planned to turn into an e-commerce company. The increased usage of smartphones and internet availability has paved way for websites to become a mobile-only business. The new investors will strengthen Paytm’s position in India and help gain a stronghold in the country where already established players like Amazon, Flipkart, and Snapdeal enjoy a majority.

April 25, 2015