The feature is meant to allow millions of non-smartphone users to go cashless.
Digital payments platform Paytm has announced a toll-free number 1800-1800-1234 to enable consumers and merchants to pay and receive money instantly and also recharge their mobile phones without the use of an internet connection. It said this will empower millions of non-smartphone users to go cashless even without a smartphone.
To use this service, as a first step, customers and merchants need to register their mobile numbers with Paytm and set their four Digit Paytm PIN. They can then enter the recipient's mobile number, amount, and their Paytm PIN to successfully transfer the money from their Paytm wallet to another Paytm wallet.
"We are excited to launch this feature through which you can pay anyone through your mobile phone just by calling a particular number. You don't need a smartphone, you don't need internet and just a feature phone is good enough to pay to whoever you want to pay," Senior Vice President Paytm, Shankar Nath told ANI.
Currently, over a million offline merchants across India accept Paytm as a payment mode. Paytm is being accepted in taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops and more.
Expressing his delight over the company's growth post demonetisation, Nath said, "Growth has been very encouraging and we are seeing other categories with 100- 500 percent growth. What has really helped is that an ecosystem is developing in India."
Paytm can also be used to pay for services like recharges and bill payments, utility payments, movie tickets, travel bookings, food ordering and shopping. With its assertive focus on mobile payments, the company is inching closer to its aim of making cashless transactions a way of life across India.
Talking about targeting the rural economy, Nath asserted that Paytm's focus is on expanding services in vernacular languages along with a rural activation programme.
Paytm has a current user base of over 160 million. The company's investors include Ant Financials (Alipay), Alibaba Group, SAIF Partners, Sapphire Venture, Mediatek and Silicon Valley Bank.
One97 Communications, the firm that owns Paytm, is restructuring its business ahead of the launch of its Payments Bank, merging the wallet business with payments bank operation. The company had incorporated Paytm E-commerce and Paytm Payments Bank as separate companies earlier this year.
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