Lecturer, Dubai beautician among the new faces in Dakshina Kannada ZP

Even more than three years after demonetisation and all-out efforts to make most transactions through electronic, cash is still king, as it thrives in a digital India, said fintech start-up Paytm founder Vijay Sekhar Sharma.

"While cashless economy is not possible in India, less cash economy will be in the future. Less cash is the only solution, not the elimination of cash," Sharma told IANS in an interview after unveiling an all-in-one payment gateway on Tuesday.

Asserting that it would take 5-10 years for India to make the transition to digital payments from the traditional mode of cash, Sharma, 41, said the e-payment industry benefitted more from the November 8, 2016 note ban and withdrawal of old Rs 1,000 and Rs 500 denominations.

"I think it (demonetisation) helped the industry despite lack of specific help. But the world has changed since then. It is about the scale of distribution of merchants that is what is propelling digital payments," said Sharma.

Most of the cash not only came back into circulation, but also remains as the mode of payment for the majority due to its convenience for the people used to such transactions.

Expounding Paytm's zero service charge, Sharma said the strategy is sustainable as it leads to acquiring more customers and merchants, enabling newer business opportunities.

Paytm also does not levy a service charge to small merchants for its payments services, unlike organised players like Uber.

"Though there is a monetisation model, the merchants who are small shopkeepers, become our financial services customers as they open a bank account, which is profitable."

Paytm secured a Payments Bank license from the Reserve Bank of India to offer a savings bank account, Rupay debit card and money transfer services.

"We are banking on payment services acquiring customers and merchants who avail banking, lending, insurance, wealth and software services like billing software and business ledger software services eventually," Sharma noted.

The mobile first bank services include zero balance and zero digital transaction charge accounts.

"Basically, payments, cloud, commerce and financial services are a cohort we follow. So, payments is our customer as well as merchant acquisition. If it breaks even, we are happy because other line items make more money, he affirmed.

Noting that in a market like India, one cannot price services at a premium unlike in a developed country like the US, the billionaire businessman said a consumer in a developing country would not be able to afford such a hefty charge.

Forbes ranked Sharma as India's youngest billionaire in 2017, with a net worth of $2.1 billion.

While several countries operate on the model of higher service charges, Sharma said newer business models have to be discovered in India, as customer lifecycle value is accounted for more stages than in other nations.

Asked about an upscale retailer like Zara not giving a wallet payment option during its recent end of season sale in Bengaluru, Sharma said Paytm was addressing such hiccups with its all-in-one payment solutions.

"It's an opportunity, because if the retailer has our all-in-one point of sale machine, where in they enter the amount, it shows both the Quick Response code (QR) and card payment options," he observed.

Sharma compared older swiping payment machine to feature phones and modern ones to feature-rich smartphones.

"If you notice, they look like feature phones and the modern day card machine is more a smartphone like. You can add the smatphone components, which can add the features," reiterated Sharma.

Though Paytm's all-in-one QR point of sale machine integrates the billing system, its chief executive said it was not ideal to have an independent QR feature.

Paytm has 16 million strong merchant user base, which Sharma aims to raise to 26 million base in the next one year.

Sharma has launched in this tech city an all-in-one payment gateway and Paytm Business Payments solution, which enable digital payments through multiple methods for small and medium enterprises (SMEs) and an Android point of sale machine.

With the new gateway solution, collecting digital payments through multiple methods can be achieved seamlessly while Paytm Business Payments solution enables automated vendor payments, including employee salaries and customer refunds among others.

The One97 Communications-owned Paytm aims to help SMEs streamline and digitise their business activities using its new solutions, which enhance the overall efficiency of both accepting and making payments.

Paytm has a data bank of over 200 million saved cards and bank accounts, a feature which enables partner apps to shorten transaction times and propel faster conversions while using the all-in-one payment gateway.

Complementing the two solutions, Sharma also launched an all-in-one Android point of sale machine, which can accept payments through all forms such as cards, wallets, UPI apps and even cash.

The device has a QR code that supports all contact and contactless payments, coming with integrated billing software customized solutions for different sectors such as catering, ticketing, parking and others.

The handheld Android device is equipped with an in-built printer, scanner and can also generate bills.

Valued at $16 billion, Paytm is not alone in the fiercely competitive Indian fintech space where a dozen players like PhonePe, MobiKwik, Kotak 811 and deep pocketed international giants Google Pay and Amazon Pay are in the fray.

Bengaluru, Apr 15: Bengaluru Commissioner of Police, Bhaskar Rao, said that prohibitory order under Section 144 of the Criminal Procedure Code (CrPC), 1973, will remain in place for all parts of the City Commissionerate till April 20.

Section 144 of CrPC prohibits the assembly of four or more people in an area.

"Prohibitory order under section 144 of CrPC will remain in force, in all parts of the Bengaluru City Commissionerate for a period up to 12 am of April 20 with effect from 12 am of April 14," according to Rao.

Karnataka, so far, has 258 confirmed COVID-19 cases, with 9 deaths being reported due to the infection, according to the Union Ministry of Health and Family Welfare on Tuesday.

New Delhi, Jun 16: The class 10 and 12 students of the CICSE board can choose not to appear for pending board exams and be marked as per their performance in pre-board exams or internal assessment, according to top officials.

The board had also submitted the proposal before the Bombay High Court on Monday in response to a petition filed by a parent seeking directions to the authorities to cancel exams in view of the spike in COVID-19 cases.

According to Gerry Arathoon, Chief Executive and Secretary, Council for the Indian School Certificate Examinations (CISCE), the students will have to communicate their option to their respective schools by June 22.

For latest updates on coronavirus outbreak, click here

The exams which were postponed due to the lockdown to contain the spread of coronavirus, are now scheduled to be conducted from July 1 to 14. However, several parents have been demanding the exams be scrapped.

"The students will be given two options---they either appear for the rescheduled exams or choose to have their results based on their performance in the pre-board exams or internal assessment. The option will be available only for the pending exams, the result of the subjects for which exams were already conducted, will be calculated as per performance in the exam only," Arathoon said.

The board also clarified that the students will not be entitled to make a subject-wise choice between the two options for pending exams.

Unlike the Central Board of Secondary Education (CBSE), which will only be conducting exams in 29 subjects crucial for promotion and admission to higher educational institutions, the CISCE will be conducting all pending exams.

The pending CBSE exams are scheduled from July 1 to 15. The schedule for the board exams has been decided in order to ensure that they are completed before competitive examinations. While the engineering entrance exam JEE-Mains is scheduled to be held from July 18 to 23, the medical entrance exam NEET is scheduled for July 26.

While the CBSE has given the option to not appear for pending board exams for differently-abled students, it has canceled the examinations for its around 250 schools situated abroad and has adopted the criteria of awarding marks on the basis of either practical exams conducted or the internal assessment marks.

Coronavirus India update: State-wise total number of confirmed cases, deaths on June 16

A group of parents has filed a petition in the Supreme Court seeking a direction to the CBSE to declare results on the basis of tests already conducted, and calculate the total on an average basis with internal assessment marks of the remaining subjects.

Universities and schools across the country have been shut since March 16, when the Centre announced a countrywide classroom shut down as part of measures to contain the COVID-19 outbreak. A nationwide lockdown was announced on March 24, which came into effect the next day.

While the government has eased several restrictions, schools and colleges continue to remain closed.

According to Home Ministry guidelines, there will be no exam centres in containment zones.

"Wearing of face masks by teachers, staff and students will be mandatory. There shall be provisions of thermal screening and sanitiser at the centres and social distancing rules will have to be followed at exam centres. Special buses may be arranged by states and UTs for transportation of students to exam centres," the Home Ministry has said.