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.
Comments
I'm a Christian Anglo-Saxon, and I find the idea of this book to be wonderful. For me, it is beautiful to envision Jesus kneeling down to worship Lord Shiva. It is not disrespectful to Jesus at all to believe this - it shows that he was a reverent and faithful believer. As a Christian, I can understand why the people who wrote the Bible might have wanted to cover up certain aspects of Jesus's life. I love the idea of Jesus and his followers uniting with the Indian people in a shared religious heritage.
its not fully acceptable but some of them are true in that book
To increase bjp vote banks they are trying to include Christians under their belt. Like they says jains, , buddist and sikhs are the part of Hindu religion. Which is totally wrong. No jains , budhist, Sikhs, worships Hindu gods.
Writer used to write stories for ram gopal verma. After the flop of RGV sholay remake version of Aag, writer lost his job and published books on jesus to earn money for his livelihood.
thank god he dint say bible was written by waalmiki.
If Savarkar's brother's thinking was so skewed, just imagine how skewed was Savarkar's thinking??? Bade mian tho bade mian, chotay mian subhanallah!!
Dear BABARAO
Kindly give your Script to Sanjay Lila Bansali (SLB).so that he can Make a Comedy Film base on your Script.We will recommend SLB to introduce Subramania Swami as the HERO of this Movie.
Stop playing with the feeling of Christian And Muslim Who respect Jesus Christ.It wont suite for your (RSS) Stupid Idiology.I thought some one will be there among you will certain amount of So called Common sense But where ???? All Same.
GROW UP DUDE
Yes, this is correct. Everyone in the world are Hindus as Hinduis is the only true religion. All the countries around the world were ruled by Hindu kings. white house was vishnu temple, israel knesste was Ram Mandir, Vatican was sita mandir, Bejing was capital of Shiva, tokyo was rest room of Lakshmi, Australia was ruled over by vishnu, Africa was governed by Krishna. Veer Sarkar fore father was ambassador of all the gods and he was travelling in the air without plane.
Really it was good joke... cant stop laughing...he should be awarded with Nobel Prize.... God Bless him ...
Bullet train 2000 KMH
Please don't release that book and cause one more imbalance in the community.Tired of seeing killing people in the name of 'GOD' - GOD is just a Invisible Power, nothing else other than this ,we have given him different forms and name and to relieve our mind from stress and to share thoughts n desire we created a god.Once you purge something from mind you will feel relieved.
#NoWarKnowPeace
we are in the Lent season only i can say is
\Father, forgive them, for they do not know what they are doing\""
all the jokes in book is good and the best one is Jesus was Tamilian and his complexion was dark.....OHH brothers jesus was very fair and lovely prophet of islam.
why all chaddi leaders at last becomes mad ?
ha......ha....
Tomorrow he will say Washington was a hindu land and White house was Shiva temple.....and Obama was a Tamil Brahmin....
Please book a seat for him in Kankanady..........ha...ha...
Whatever, ultimately he proved that Brahmins were Non veg eaters, especially beef & pork. And even they can consume alcohol.
Now Subramanya swamy may link his family tree to Jesus christ.
BED TIME STORIES......
loughing of the day from RSS yeak yeak yeak
The RSS creatures spreading their wings to the community of Christians and provoking them. These unknown writers RSS have free time for frictions and fabricate. Earlier they were targeting Tajmahal as Tej Mahal, built by RSS king Tej singh. Kutub Minar built by their RSS king Shaktisena so on. And they are spreading romours that the black stone at Haram, Makkah, as Shiva Linga etc.
They have plans to rewrite the history of India for their needs, in many schools run by them are teaching hate history of India, that's the reason they are in collusion with HRD ministry do innovations.
Damm it RSS.
HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA HAA........
Help I can't stop, I think i will go to hospital, My stomach is getting pain.
HAA HAA HAA............................................HAA HAA
This book is the ultimate proof irreparable idiocy/ stupidity of RSS.
Secondly, how the publishers and printers printed it ?
This community will never improve nor succeed, they continue battling until their stupid community remain at large.
We all respect many Hindus, most of them are indeed good.
but this disproportionate venomous creatures spoiling names of good Hindus.
Indeed Hinduism has become a culture, not a religion.
Jusus Peace be upon him was Jewish, he was born in Palestine,
He has no relation whatsoever with man made religion the Hinduism. He was not Tamil, nor Brahmin,
He was miraculously born without father to his mother the Maryam may God be pleased with all of these. He was against wrong belief of plural God. Hinduism has highest number of Gods than its followers. Where as worshipping plural God is totally against true religions of God like Islam and Christianity.
bm3qd
Jesus is one of the mightiest Prophets sent by ALLAH to the face of the earth. If any Muslim does not believe in Jesus pbuh then he is not a MUSLIM.
QURAN explain on all prophetS of God:
Say (O Muslim) \We believe in ALLAH and that which has been sent down to us and that which has been sent down to Abraham, Ismail, Ishaque, Jacob, and to Al-Asbat and that which has been given to Moses and JESUS and that which has been given to the prophets from their LORD. We make no DISTINCTION between any of them and to him we have Submitted (in ISLAM) (Quran - chapter 2 : 136)
The devils which is also a creation of ALLAH will try to claim thru LIES and DECEPTION... But ALLAH says never fear the devils and seek help from HIM. Devils are smart in LIES and Cheddis are following his agenda. which will take them together to HELL which will be eternal...
Those who support such ideology of destruction should learn about ALLAH and his creation the Shaitan from the jinns who has been FOOLING people who are far from the TRUTH>"
RSS PLEASE GIVE US BASE FOR HINDU RELIGION .,...
Hahahaha...many more things to come till Modi in throne, my dear christian brothers don't get exited. All nuts and bolts of sanghis are removed...HAHHAHHAAH
Hellow Christian bhai Wake up and Answer them...........................
how u came to know now. good u came from rss university?
Jesus is not a GOD not Hindu but He is Messenger of Allah
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