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.
A government official on condition of anonymity said that more number non Muslims might have converted to Islam during the same period in other institutions and independently.
Comments
Ali, there is no use of arguing / convincing Mone..... It is like pouring milk on the snake stones.... Dogs tails are always BENT....
Any problem u have ...
Just make Dua to ALLAH (the God of all that exists)
Call him with 99 names which suits your situation. if you are not memorized with it . then make dua with the names you know. (Allah knows what is in you - U just need to ask him)
U will get the answer either in the last moment or as Allah Wishes.
Trust ALLAH and be patience.
If U trust ALLAH, then U will never go to another creation of ALLAH.
Cos Your IMAAN should be that ALLAH will provide U and take U out of any situation with his knowledge....
RESPECT the Prophets, Auliyas and the pious.
But TRUST ALLAH. SURELY those who trust ALLAH will be SUCCESSFUL.
You never need to go to the creation for barakah or for the solution of your troubles.
Dear Monu,
If you wants to know the answer for your questions, read verse from surah an nisa, as follows;
4:56, 4:57, 4:58,4:59,4:60,4:61,4:62,4:63,4:64
Read all in context.
After reading all verses, you will understand the meaning of verse 4:64.
Dear Monu,
You hire me as your teacher, Because you need to know many things about Quran then only you will leave Darghah committee for sure.
You no need to pay me for that, it will be free of cost.
Dear Ali,
I guess you know more about quran and hadith
please can you tell me the means of quranic verse \ al-quran Surah an -nisa ,4:64\"
waiting for your reply"
Waseelah is what you do to get close to somebody. Waseelah also means a status or rank in front of somebody.
Dear Monu,
How to gain waseela in practicality?
Answer as follows:
Getting to know Allah is waseela, Learning the Quran is waseela, doing good deeds is waseela, by this way every good deeds and anything that get us closer to ALLAH(S W T) is waseela. Allah makes i compulsory to love Rasulallah ( S A W), follow him and obey him, for he is one of the highest waseela to get closer to ALLAH and please him.
May Allah SWT enable us to understand and comprehend the way beloved to him.
Dear Monu,
Quran - Chapter 5, Verse 35, Chapter 17, Verse 57
When you look at thes two verses, Allah( Subhana Huwa Ta'la) asks us to seek his waseela, meaning his ways to achieve his bounty, His rahmah, his guidance, his jannah. When you examine it in detail you realize that in order to seek waseela you have to get closer to Rasulullah(PBUH). To do that you get to obey Rasulullah( S A W) and follow him. In pakistan / Indian society and some of the sufi( or corrupted sufi groups) they take this concept to the extremes. They have their own evidence but they twist it.
These people start to believe that a pious person can heal their daughter and if they pray for so and so he can do such and such for them and if they go to the grave of so and so make duaa, their duaa will be accepted. Now without knowing we become a mushrik and instead of believing in ALLAH(S W T) and his oneness, we believe in that person.
Somebody might argue..... NO..!! We are just doing waseela.... This is what the kuffar of the Qureshi did. They believed that ALLAH( S W T) was the creator, he was the one who was the owner of the kaaba and the statues were but a waseela to reach Allah(S W T). These are actually the roots of Christianity; when the miracle that ALLAH(S W T) gave to Jesus the power to heal people, bring the dead back to life, it was a fitnah for the majority. Instead of taking it just a miracle, they elevated a human being to the level of the creator ALLAH S W T...
Similarly today, if we go to shaikh so and so, we say \he can protect us, he can heal our son, he can make my wife pregnant, he can protect me from shaytaan\". So and so peer can perform miracle.. I saw people coming with such and such desease and they left cured. He is the one he can do it\". All this language and all this belief can only belong to ALLAH (S W T). I hope you understand.
I am only giving you a glimpse. By this way, the prefix, \"Ya\" only belongs to none but Allah(S W T). You cannot call Rasulallah ( S A W) as \"ya Rasul Allah\"while making duaa or go to someone's grave and use them to pray for something. This is a bida and shirk"
dear sk
Dont get frustrated...i can understand your feelings..normally if people dont have answer to tell same thing is happening...just chill
now tell me what is waseela? ...its mentioned 25 times in quran...ask zakir naik whoever and give me the ans
please this time dont show your anger on other color...i know you hate green...so u r not visting even prophet tomb also
dear ali,
if you read quran with translation then please tell me about waseela? what do you mean by waseela?
dear true indian,
i agree with u...in some areas dargah management make good money..its totaly haram...even sunni scholars have objection about this
what iam saying is visiting grave yard is not haram but your intention should be clear..
Mone....pls read you comment # 22 properly and with open eyes.....you mentioned that asking forgiveness thru some 1 is not haram...... What is this NONSENSE mone...... Wake up .....do not follow these green Turbans / Pagdis.....
Dear Monu,
Allah already provided Quran as guide, no need to visit scholar to get the answer. Everything is clearly written in Quran about worship.
Rank Holders never visit tuition for doubts, their IQ is far better than Dull students. Try to understand Quran and Hadees. I hope it will resolve your doubts.
10 years before visiting Darghah was common for all Dakshinna Kannada muslim people. Later on translated version of Quran introduced. People started to realise their mistake and started to move towards the right path by leaving our forefathers customs like worshipping darghah calling everyone other than Allah.
I think moidin shaikh is very famous for mangalorean sunni. In my childhood days i used call moidin shaikh during the tough time.
Our local usthad wanted us to keep in darkness for their bread and butter.
Our teachers taught us to follow sunni, anafi , salafi. But only few scholars thought us to follow Islam, and there is no groupism in Islam. hats off to Great Zakir Naik, he is one of the scholar because always quotes from quran and hadees, never said his own rule.
Our Prophet Muhammed PBUH used to do work for his bread and butter, but our current Usthad they are lazy and fool people on the base of maulood or other unnecessary things to earn money.
If they are really the follower of Prophet, then they should go for work and should not depend on jamaath for salary and other expenses.
Believe in one God as Allah, and Prophet Muhammed PBUH as the last messenger of Allah.
Respect USTHAD but dont ask them for solution try to find answers in Quran and Hadees.
Allahu Akbar
Very well said True Indian.
Asking other than Allah is Haram.
You can pray others for Jannat, but asking with them is useless and no use.
Its just like recommending some one to give your public exam.
You will get the marks on the base of your performances. Either you will pass or fail, its all depending on your performances.
Same will apply to our life. Whatever we do good deeds we get the return from Allah.
Third person is not allowed in Allah's decision. He is well planner and decision maker.
@monu
I visited dargah many times. After studying quran. Found that it is absolutely wrong.
In dargah many used to do namaz for the dead ones. Bowing their head. And they ask how much money dua u want. I felt like iam a hindu. They
Why only 6000?
In european country conversion figure is much better than India.
I accept that, because In India people are very backward and it takes time for them to study their religion and to choose best of them as Islam.
Insha Allah one day 99 percent of Population will become muslim in India and other countries.
Dear sk
i never mentioned anywhere that we are seeking forgiveness from dead people...bro 1st read carefully the msg then reply accordingly...i told you about waseela?
do u know the meaning of waseela?
even iam telling to you please dont follow youtube to know about waseela...study urself and reply bro
@true indian
who brainwashed you by telling that people are going to any grave yard for worshipping the grave..you need to meet some good islamic scholer...please dont use your half knowledge by just watching the youtube videos by converted peo
Islam is a best religion read Quran and what is Islam study islam
Mone, .....You need dead persons to ask for forgiveness and NOT ALLAH....
Yes Prophet (PBUH ) asked us to send salams to the Ahalal Kaboor.....BUT did he tell us to ask for forgiveness from them.... WAKE UP.....
what do you mean by dead people
then why our prophet used to tell \ asslamu alikum ya ahalal khabur\" when he used to pass from grave yard
even worshipping grave is haram but asking forgiveness through some1 is not haram"
DEAR MONU, CAN U PROVIDE US THE VERSE FROM THE QURAAN TO SEEK WASAEELA???
Monu, you want waseela from the dead people OR living people ??????
I do not understand, what is the goal of this conversion centre.... Are they doing this to please ALLAH or to get publicity.........
Prophet ( PBUH ) said, if the right hand gives charity, the left hand should NOT know.....So it is difficult to understand, what kind of these molvis are ???? let them do their work quietly and get the reward from ALLAH.... By Publicity, they are spoiling the communal harmony of the society.....If they want to do REAL DAWA work, let them REFORM the so called Muslims ( Nam ke Waste ), instead of converting Non Muslims .... These N K W muslims do not pray properly and many indulge in goondagiri and rowdism... Once we good muslims, show good character, good work, good intentions, naturally the Non Muslims will be attracted towards ISLAM...... As it is often said by the westerners, ISLAM IS THE BEST RELIGION BUT MUSLIMS ARE THE WORST PEOPLE...
There is need to reform the shia muslim leader, who has put a bounty of 15 lakhs for the head of Dr Zakir Naik.... We should be ASHAMED of such Muslims
@monu
some people do chamatkaar. It is there. Iam not denying it. Some so called people know by seeing u. What is the problem. And after his death u make mazhaar and worship him.
Even u and i can study that course. Anybody can study
True indian
Do you know something about Waseela?...check in quran about it
We are worshipping only one god that is almighty allah...seeking waseela is not forbidden in quran.. Even your zakir naik before he told waseela is haram later when he targeted by media then started asking waseela from his followers to support him ( now its halal for him)
You guys are changing the hadees and quran as per your requirments..
still time is there try to change your self...in your mind only dargha dargha...other than dargha u dont have other examples i guess
@Monu moodbidri
Ur so called scholors done nothing. Only making money. By the collection from graveyard dargah.
In 5 times prayer every day. Every muslim have to say this.
Iyya kanao budu wa iyya kanasthaheem
I
Many more to come because of arnab go swami. He tried very hard by his barking news. But failed miserably this time. His lie channel has exposed by dr zakir naik
Now Naik followers dont give credit to your converting specialist Dr.Naik
\Islam is the fastest religion in the world and will overtake christianity by the end of century\" An article published in Daily Mirror- U.K"
People seeking the truth, find what they are looking for in Islam. The beauty of Islam is uncovered for them, behind the curtain of bias views, propaganda and what the media imposes. And as more people discover the truth Islam spreads despite what people are made to believe.
great steps towards ALLAH
Don't boost on getting others converted. Just go to youtube and type \Ex-muslim\" and you see how many are leaving from this fake religion. Islam is getting exposed..\"YOU CAN FOOL ALL PEOPLE SOME TIME AND SOME PEOPLE ALL THE TIME BUT CAN'T FOOL ALL THE PEOPLE ALL THE TIME\""
BURNOL BHAGYA FOR CHADDIS.....
NO REPORT SO FAR THAT MUSLIMS CONVERTED TO HINDU OR OTHER RELEGION.
ALHAMDULILLAH, ISLAM IS THE FASTEST GROWING RELEGION IN THE WORLD.
Surely , U will see More of Reverts in the near future - In shaa ALLAH (God willing)
Alhamdulillah... Prophet Muhammad pbuh said the truth. This will happen and We see today , all over the world People understand the reality of ISLAM and worship of ONE GOD ALLAH.
Despite many LIES & DECEPTION on ISLAM by Haters , who try to spread hatred thru media .. ISLAM is spreading far more than expected ALHAMDULLILLAH...(Thanks to God)
Comparatively it is less.....it should have been 6,000 every year......any way not bad.....
DEAR MUSLIM HATERS...
Time to think Why U fall to the hate msg spread by the media ... I request YOU to STUDY and PONDER and WHAT ISLAM tells. rather than Depending on Deceptive MEDIA for the knowledge on ISLAM and MUSLIM.
I Suggest
READ QURAN translation
ASK the CREATOR to guide U (He will open up the reality to U)
Talk to MUSLIMS
Visit Masjid Library for more knowledge... (No Muslim will object u to know about ISLAM)
Please TRY... Dont be FOOLED by the MEDIA, U may regret LATER in your LIFE , If you just depend only on MEDIA.
There are 2 major weakness with The Indian Muslims community.
1.Muslims Doesn't have Their owen National Media
2.Muslims Doesn't have Their own national Political Party
If these 2 weakness converted in to Strength then the Community will not suffer in the hands of Fascist Forces.
It will be more in future. Bush regime is lesson for Modi. Whenever they want to curb Muslims, more and more will convert 'sorry revert'.
In one angle Arnab did great job, millions of people googled Islam and Zakir Naik last couple weeks and earned knowledge which Arnab & Sangh wants to avoid.
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