Online payment service providers are on cloud nine since the announcement of demonetization and the push to make the nation’s economy cashless and digital. Paytm is one company which has seen a geometrical progression in its fortunes and is on an expansion drive in a big way. Paytm has claimed that it is covering more than 70% of the nation’s petrol pumps and the segment is growing at a rate of 200% every month.
The online payment portal is already in partnership with over 40,000 petrol pumps across the country. These pumps are spread across 550 districts across India and are contributing a big way in an act which most Indians go through at least once daily.
Paytm added that it has ensured smooth and zero cost cashless service at more than 41,000 petrol pumps. It is continuously taking feedback from the consumers and will ensure to iron out any rough spots in the cashless payment process.
The company has also ensured that the payment app is now available in 10 regional languages including Hindi. Consumers can also ring the toll-free no 1800 1800 1234 which helps persons who do not have a smartphone or users who are not connected to the web to pay or receive money using Paytm.
The e-payment service provider was slated to begin operations from Diwali last year. It had obtained in principle, RBI approval to set up a Payment Bank along with ten other proposals in 2015. It is expected to start operations next month. The payment banks can accept deposits from individuals and small enterprises for up to 1 lakh per account. Paytm in a statement said that it is striving to build a commercial model in the banking segment which will bring financial services to hitherto millions of un-served or under-served Indian consumers.