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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.

Udupi, Jan 17: In a unique philanthropic initiative, two US based NRI children have established the first unit of Keithan & Keisha Skill Development Centre at SVS English Medium School, Katapady in Udupi district.

The centre was inaugurated by Dr. Ranjan B. Kini, Professor of Management - Information Systems of Indiana University Northwest (UCN), USA on Saturday, January 11, 2020.

The centre will provide exposure to rural high school students in technical skills in emerging technological domains, soft skills and life skills through online training and video conferencing during weekend seminars. The centre is established by Keithan and Keisha with the help of their parents. They are the children of Katapady Krishna Mohan Pai, CEO of Invenger Technologies Inc., USA. One 55 inch LCD TV, two computers and one laptop were donated as part of the initiation package.

Dr. Srikanth Prabhu, Associate Professor, Department of Computer Science & Engineering, MIT, Manipal will be anchoring the training sessions which will cover emerging fields like Robotics, its impact and the opportunities in the future. The training will include international online programmes and video conferencing.

“In today’s competitive world, students need technical knowledge to keep pace with the changing scenarios. Along with technical exposure, they should also be equipped with soft skills, communication skills and organizing abilities,” said Dr. Ranjan B. Kini after inaugurating the first unit at SVS English Medium School, Katapady.

Dr. Srikanth Prabhu informed the gathering about the idea behind the project, explained its features and programmes. “If good awareness is given to students at a young age regarding latest developments in technical fields and if they are trained in soft skills and other complementary skills, they will be able to face the future with confidence and attain the heights of success even if beginning from zero,” he said.

Presiding over the function K. Sathyendra Pai, Director of Invenger Technologies said, “This is the first centre to be set up under our initiative to train rural children in add-on skills and help them to gain parity with better educated students.”  More such centres will be set up in other schools soon, he added.

Katapady Krishna Mohan Pai, CEO of Invenger Technologies Inc., Amith Nayak of Archana Developers, Umesh Rao, President of Rotary Club Katapady, Savitha Manjunath, PWD Officer of Udupi, technical experts Nidhi Manjunath and Mitesh Singh were the guests of honour. Directors of the company B. C. Pai, Srinivas Vasudev Kini and Venkatramana Bhat were present.

School Headmaster Devendra Nayak welcomed the gathering. Megha gave a vote of thanks. School teachers Uma and Chaitra along with other teachers coordinated the event. Student leaders Dhanush and Jessel Vinola Quadros compered the programme.

Bengaluru, Mar 19: In the backdrop of coronavirus pandemic, Karnataka State Road Transport Corporation (KSRTC) has reported huge revenue losses in March.

According to official data, the cumulative revenue loss in all services from March 1 till March 18 has amounted to around Rs 8,58,86,462 crores.

This includes cumulative revenue loss of Rs 5,33,82,456 in premium services, and cumulative revenue loss of Rs 3,25,04,006 in non-premium services.

The highest reported revenue loss in all services was reported on March 18, which amounted to Rs 1,90,25,183.

The total number of coronavirus cases in the state have reached 15, according to the Karnataka Health Minister.

A total of 169 positive cases of coronavirus have been reported in India so far, the Union Ministry of Health and Family Welfare said on Thursday.