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
Lets put it in a nut shell Khader is the only problem rest everything no problem if Khader is inspired by some false clergy let him keep it personal and not inflict on people. ullal is a place they don't want any organizations interfering they want be on their own, Khader has lost the battle last time in the juma case. he has a good platform to strengthen the party because on one side Rasheed is a congressman and in the other side mustafa is a congressman instead of taking advantage he is supporting a false clergy and causing all the nuisance in ullal .
when members of SSF wants a roudyshitter .Bhuhari wants to be a president of ullal dargha .. imagine of thier thinking is to Grasp power at any cost, Not worried which background he is from.. obviously people of ullal has to against it.. I think UT khader also should have done basic research before he could interfere & favor one side.. criminal entering politices is a common that everyone accepts without any choice.... but in Mosque Committe person with criminal background will never accept at any cost which lead to the situation getting worse.... shame at religious leader & Polictian who support such president.. SHAME on THEM...
Shaffiq,
In 1992, Did Allah have no power to protect Babri Masjid ???
Why did you not question the power of Allah then???
What happened to ullala Wali , he has got numerous karamath .why now he can't solve this problem. It's very easy . Ask Wali and he will say who will be the next president
koora and SSF's Dirty Game
Oh, wahabbis, don't act like the reformers of the society. Ask your gurus in Kerala to stop fighting in the name of Jinn Tawheed. Did you forget your own people fought in the dais (stage) for Jinn Tawheed? Don't you feel ashamed of talking about Sunni groups when you people were divided into more than 8 groups in the name of tawheed, whereas both sunni groups have same belief in Tawheed.
Seeking the help of Jinn is tawheed, whereas seeking the help of Auliyas is shirk. Oh wahabbis where are you people leading to ?
Babri masjid was demolished in 1992. Does it mean that no power for Allah ? So, commentators and Article Headline by ..., never to try to boil your seed by degrading the power of miracle of Auliyas.
Insha Allah, Truth will prevail soon and SK goondas will be going to suffer soon for their heinous act.
I think better to leave this Issue to the Saint to decide thru Karamath. I hope AP & EK both will agree for this to maintain peace in the society.
Only one reason for The fight Is karodepati ones if anyone get president seat in dargah he will be the richest person in ullal full bakwas jiyo aur jeenedo yaaro
There is no difference between dargah and temple. Both make pooja by offering flower etc. Both make jathre(Uroos). Both make nerche (Harake). In islam no where taught like this. They make all this only for money.
SAUDIS say worship the one LORD ALLAH, who created U, Me and all that exists & follow prophet Muhammad pbuh.
IRAN says worship ALLAH, Follow prophet muhammad, Ask with ALI & they also ask with the imaams in the Graves and they have lot of SHRINE worship expecting BARAKAH from the auliyas. which they never said to do such worship for barakah.
NOW TELL ME which ways YOU guys are following... IRAN or SAUDI?
When our IMAAN in ALLAH becomes WEAK, not maintaining SABR & we tend to go & ask with the Creations of ALLAH... which is very dangerous to our FAITH. And our enemies deceive us very EASILY.
I request people to DEPEND on ALLAH alone. Every example on our life have to be cleared by Prophet Muhammad pbuh. he also said even if it is small issues, ASK with ALLAH alone.... ALLAH gives barakah when you really rely on HIM. He knows what is in your hearts .. without patience, some guys are going and following the shia style of worship
We should EXPECT such inner clash when leaders of our community Never encourage to ASK with ALLAH ALONE and are SILENCE and never try to UNITE our UMMAH ... instead dividing each other in the name of GROUP ideology.
DEAR MUSLIMS - READ QURAN with understanding, ALLAH guides those who look for his QURAN, understand it, ponder it... The more U ponder, the more U will depend on ALLAH. NO need for any intermediate. U will praise the auliyas of ALLAH & follow the ways they taught us and will never ask with them but U will only depend on ALLAH for your requirement & Barakah.
May ALLAH guide us all ..
Kotian,
How your religion is to be peaceful when you teach your crew to kill innocent no Hindus?
I also agree that most of the Indian Hindus likes peace but not your organisation.
whats going on, fighting with own people this must be stopped immediately, it makes our rival to go out strong.
this dargha authority should be hand over to the karnataka govt, i request CM Siddaramaih to undertake this dargha's authority,
UT Khader must take all the decision. why this people simply fighting for power, whoever capable of using the power he will get,
Brother Anti-Wahabi
A humble request please read the article again. Nowhere its mentioned \AND NOT FOR REAL MIRACLE\" Well learn to accept the TRUTH.
My personal suggestion this time hand over the Management to SALAFI'S and see the changes.."
Yellare Mane dose thoothe, nangle ningle yella ondume
this is not new.. clash was going on before also but easily they will not leak their secrete outside as we do. true face of religious places in all religion its same. dont die live longer.
why simply clashing for power, this people wont take anything while dying, till death do some good work instead of clashing with each other
Miracle is there in the Quran not in any idol or dargah... Better if people understand it for their success in this duniya and hereafter..
Here I saw many non muslim brothers confused with Sunni, AK, EK and so on.. Worshiping dargah is not at all Islamic.. Worship only ONE God. thats real Islam.. Regulate 5 times salah, Give zakaath/ sadqa, help each other to live peacefully and let other creations of Allah live peacefully.. Make this life worth living.. Thats what Islam teaches and Quran teaches and history teaches us..
There are some exceptions - some ignorant people dont want to understand this and always blaming Islam is their habbit whenever commenting.. Thats without proper knowledge of Islam. May Allah give hidaya to all of us..Ameen
This article is written by a pakka wahhabi girl with the only intention of creating Fitna. In the first para itself the writer is saying that the Darga was famous for \stories of miracles\" and not for real miracles. Strange that coastaldigest.com publishing these kinds of extremist Wahhabist articles these days without examining it. I am a big fan of CD since its launch. hope it will realise its mistakes and avoid unnecessary crtisicm of the groups of aalims."
Viren Anna irr dane Mulu...Chaddi budyaara.
Shiya Sunni clash reached Mangalore too? this is really shocking. now bomb blasts also may start in karnataka like arab nations.
What is Sunni group?
What is AP?
What is EK?
Can someone please explain us. story is anyhow interesting.
The history of Muslims is full of violence. This is the good opportunity for Muslims to renounce their violent faith and embrace Hinduism the true religion of peace, and leader a dignified life instead of fighting in the name of AP, EK, PK, TK
Very sad. Ignorance at its peak.
Fooling ignorant people by any so called masjid management or by any greedy imaams is not at all appreciable. Either imaams of the Masjid or the management committee of the masjid should ENLIGHTEN the people on the basis of teachings of HOLY QURA'N and SUNNAH.
Why not leave shirk as Allah has ordered in his book.
Masjid is house of Allah which are to be 24x7 active with prayers, education and community development activities. No need of Dargas which is supporting shirk. Oneness of Allah, Tawheed is our requirement.
Community should not waste time and energy in fighting for unnecessary reasons.
We heard of Battle of Badr,Battle of Uhud,Battle of Khandaq all for the sake of LA ILAHA ILLALLAH. But Yesterday Battle of Ullal is some thing unique Battle of Power.Great...its one of the sign of KIYAAMATH.
Beware The final Day is very close. Get ready and be prepared for Life after Death.
It is not EK vs AP as mentioned but it is AP group vs rest.
In Ullal there are total 49 committee member elected of which 27 supports Rashid Haji means Rashid Haji has clear majority for Presidency.
And about President selected by Kazi Khoora Thangal and SSF is Bukhari who dont have the majority but also people know what his background is.
SSF people lost the election instead of handing over the power they forwarding a rowdy sheeter as president to create terror in Ullal for that one of Minister from region supporting SSF by sending Waqf officer to lock the Darga.
Instead of doing all this let all member sit together elect the President who has the majority
Now or before thier is no miracles Ullal foolising people by deviled power and political. Power it's shows now.may allha gave Hidayath
Ameen
Nor was any miracles before or now everything was from allah but shaitan decieved them by making them believe it was from the dead saint syed madani.
Poor thinking n following the footsteps of shaitan always ends in greediness which leads to destruction.
never there was miracles. only blind faith. Ya Allah give them Hidayat
hahaha.. this is hilarious headline. article is balances. very much timely. appreciate this impartial analysis by CD. keep it up. dont care anyone.
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