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
@TRUE INDIAN
Food
Plants have lesser life than animals, they can grow new one, but animals if you cut them they die.
Emotions are absent in plant.
SUPPOSE we grow Hair, nails on our body, but if you cut hair you grow new hair, if
@True Indian,
WE KNOW WHO IS GURU & their qualities. There can be many wolf in sheeps clothing, but that doesnt mean all are fake or evil, so our scriptures caution us while selecting guru for ourselves.
1)A guru or a saint does not take money t
U people say sun is god, moon is god, earth is god.
is that mean Pakistan which is on earth is also God.
@Suresh
Don't make me God Plz. By thinking of this logic, Many sanyasis fools u, To make money, they say u have to make shani pooja or other pooja, Rapes poor Girls. Plz dont blind belief.
Coming to food.
Yes Killing Anima
once my parents met with tragic accident in mumbai, the auto in which they were travelling was hit head on with a truck, the truck driver fled away, my father bounced out of Auto, lying on the road unconscious with blood coming out of mouth, my mother jumped out of the auto with my younger brother who was kid then, and my mom cried for help, nobody came, she kept crying and it was evening, She was pleading for help in Tulu also, then suddenly a tempo driver who was passing by came for help, said, Akka, don't worry i will help, he took everyone to hospital, later my dad regained consciousness. He came to our house and then further we learnt that this person was a native of Mangalore and he resides at near the temple of our Kula-devi Godess on hearing my mom's plea he came to help. further he happened to be my father's elder brother's classmate. We were really thankful to his kind deed. A help came from 1000 kms away far far away to mumbai that too sent by mother godess. Else everybody was shrugging away to help my mother.
God comes in any form.
@TRUE INDIAN,
You fail to understand god's love.
See that woman was travelling and god came to help through you, the formless god enters a form (that is you) instructs your brain to give Lemon to the lady and curing her ailing child.
This i
GOD CREATED U. AND U R CREATING GOD'S IDOL. ITS A SIMPLE LOGIC.
Even sai baba used to say, Sabka maalik ek hai, Worship him only.
But u people started Worshiping him.
Once when i was travelling in a train. one family was in my boogie, one kid kept on vomiting in the train, i gave kid's mother a lemon. then her vomiting got stopped.
her mother told, tum hamare liye bhagwan ho. i told her, plz iam a common man, dont make me god.
this what is happening.
@TRUE INDIAN,
Killing is justified only if it happens by mistake, or food for survival.
Even Lord Rama's Father Dhasharath had to suffer and die grieving his beloved son Rama's seperation, This was becoz King Dhasharatha mistakenly killed
@Suresh
There is no my God and ur God, There is only one God, Even Jesus used to speak with God, in the cross. He used to say ya ilaahi, Even muslims also call ya ilaahi.
The God who gives life and take life. all Belongings to him on
@TRUE INDIAN,
first tell me are you follower of HINDUISM or ISLAM,
RIG VEDA QUOTES ARE MISINTERPRETED. No where in vedas it says sacrifice animals. Rig veda says its SIN,
VEDA ALSO SAYS THERE ARE 33 KOTI (TYPES/FORMS) OF SUPREME
@suresh
One day u will also say that. Idol worship is totally wrong.
Vedas says so. By doing idol worship. U will go into more darkness
Bhagavat Gita 7:19-21: \All those who do idol worship, All those who worship demigods
@Suresh
Ur again wrong my friend. its allowed in Hinduism
Rig Veda 10.86.14 [Indra speaks :] The worshippers dress for me fifteen (and) twenty bulls : I eat them and (become) fat, they fill both sides of my belly ;Indra is above all
Thats what iam saying. Without reading ur College Books, u wont get knowledge and will not pass the Graduation.
Last and final Book Quran is for Whole of the Humanity.
U point out a single error in Quran, It is 100% Correct.
Why many converts to islam. even tony blair's sister converted to islam.
Quran also states That killing a innocent Person, is as if he is killing the whole of humanity, but still u find terrorists who kills the innocent.
For us they are anti muslim. enemy of the islam.
U know Shankaracharya Sanjay dwivedi , Now known as Ahmed Pandit. Before he was hindu Shankaracharya. Before just for visit any Marriage function, he used to Get Money in crores.
After comparing both the religion, he Converted to islam, and leads a common life. and now he preaches islam.
@TRUE INDIAN,
IN HINDUISM, killing is SIN, in the name of god or in the name of food, or fun.
So killing, sacrificing by any is wrong. Those people who do it are totally wrong.
Even Nepal has banned the infamous Gadimai sacrifice ritual. Th
@Suresh
U don't want quotes from religious book.
How did u Graduate without the knowledge and books.
To play a Dvd player, There is a Instruction manual.
To use a mashing machine, There is also an instruction m
@Suresh
Quran 22:37: it is neither their meat nor their Blood that reaches Allah. We made them subject to u that u may magnify Allah for his Guidance to you.
And Quran 6:14: And it is he who Feeds but is not fed.
God asks
@TRUE INDIAN,
The term \TRYASTRIMSATI KOTI\" is misunderstood as 33crores (koti)
The term Koti in sanskrit has two meaning 1 is supreme & another is Crore. Its in translation error. its 33 supreme gods and not 33 crores god. And 33 crores gods h
@suresh
Total 33 million Gods, How can u pray and ask each and every god.
it's not God, it might be messenger. How can u Control ur God.
i have to Quote from vedas and all religious script, i cannot create my own stories.
@TRUE INDIAN, you have still not answered any of my questions. Please answer it honestly. don't give quotes from your books.
@TRUE FRIEND, don't give quotes lectures from Veda, Ravishankarji or koran or bible. As i am a lazy person and not interested in reading any books at all, I have read lots of books from Kg. to graduations. Now, no more books & quotes please.
I
@Suresh
Genesis 17:3
Abram fell facedown, and Pray to God.
Book of numbers 20:6
And Moses and Aaron went from the presence of the assembly unto the door of the tabernacle of the congregation, and they fell upon
TRUE INDIAN, When you find answers to below questions you will get answer for what you have asked.
Does your god really in need of your prayers 5 times?if you don't pray then what? what will happen to god? why he orders you to pray?
Does your god benefit from your prayers? does your god gets power from it?
Does your god requires blood transfusion every year and so you perform goat sacrifices?
Is your god Jealousy, angry god? that he tells you if you worship any other god than him, he will burn you in hell fire.
Do you really believe that there are 72 virgins for all your men. Then what about women, they too pray, how god will reward them, where will they go after death? PONDER over this questions.
Do you really believe that God almighty makes mistakes at the time of creations, and he keeps sending messengers one by one and finally he rectifies all mistakes and sends final messenger? Do you think god is human being to make mistakes?
If you people wait for day of final judgement, what about all those who are born and dead before your Islam religion was formed, Its not their mistake they were born before your prophet gave the Holy message from god. How whether god will give them hell or heaven.?
Instead of asking me to use brain, you use it and try to find out why.
Regarding Lord shiva, He knows everything, Ganesha created by parvati and so he cut the head of Ignorance, pride and replaced it with head of wisdom & humility.
Lord rama, Ma sita, knew everything since begininng, so they never objected to whatever was happening. Even Ravan was Brahmin pandit, great Astrologer, he very well knew that Ram was Lord Vishnu himself, he wanted to attain salvation at the hands of Lord Ram, not only this he wanted salvation for his entire Rakshasa Clan so he pitted everyone against Lord Rama and got killed by Lord himself, thus everyone got Moksha (salvation) in the end.
Hope you understand everything now.
@suresh
My question is if shiva couldnt recognise his own son ganapathi. How can he recognise. If he is god he should know everything.
Even lord ram couldnt save his wife sita from kidnap. How can he save u.
U should use u
Dear Suresh,
Honestly U have to read and ponder on below.. Muslims just want the hindus to wake up and understand the REALITY. Dont make Mockery of God knowingly or unknowingly ... by giving illogical shapes ... Please learn about God and Ponder and reflect more on what God says in different religious scriptures.. which will benefit U and the hateful Society..
His form cannot be seen, no one sees Him with the eye - (Shwetashvatara upanishad 4:20) - Worshiping man made object is a SIN ?
Those whose intelligence has been stolen by material desires worship DEMIGODS (materialistic - others besides TRUE GOD) - Bhagwad Geeta 7:20
He is body less and pure - Yajurveda 40:8 (Dont worship objects)
They sink DEEPER in DARKNESS those who worship Sambhuti i.e created things\ (Yajurveda 40:9)
Do not worship anybody but Him, the Divine ONE, Praise Him alone - Rigveda 8:1:1)
Worshiping idols is not allowed in hindu scriptures itself...U need to study and ponder on your own scripture.. to recognise and come near to the TRUTH."
AHMED,USA,- I HAVE GREAT RESPECT FOR YOUR THOUGHTS & WORDS OF WISDOM. We should be tolerant & respect all religions. The god that made EARTH, SUN & MOON and everything is the same. Only the followers are different.
TRUE INDIAN - All Hindus know GOD. Eg. Just like a person can be a FATHER to a child, brother to a sister, SON to Parents, Husband to a women, Friend for someone. Here the person is same only his work and relation with different people will be different. You call him in whatever name you want. Same way the GOD whom you pray and whom Christians or Jews or paresis or Hindus pray are SAME. the way of worshiping him is different. Every one may be right in their own way. So stop arguing and let people follow what their heart says is right. Don't mislead them.
TRUE INDIAN - God has given you Teeth, but i guess you don't bite others. Becoz you know its uses. Same way GOD has given you BRAIN, why don't you USE it.
Killing an animal for FOOD is fine. but killing an animal for fun or in the name of god is a great unpardonable sin.
PRAKASH SHETTY (NAME CHANGED), TRUE INDIAN, just Google out \ RIVERS OF BLOOD - IN DAKA\" and read how the blood was flowing down the road after bakrid, you will come to know how dirty the road was with blood and dead animal carcasses everywhere. It is worst than Idols immersed in rivers & ponds.
TRUE INDIAN - finally you say, you pray 5 times a day, Still there is no peace on earth lots & lots of violence going on , just imagine. Can you pray for world peace, and will your god answer your prayers?"
Please this practice should be stopped, they don't have any right to spoil the atmosphere/ponds/rivers with dirty idols which they worship with great respect and finally throwing in to the water this is not accepted either these dirty idols should be buried or to be dumped in the municipality garbage.
Ahmed USA
Dont U know that Idol worship is a great sin and will never be acceptable with lord of the worlds... even Non muslims are our brothers in humanity. We should convey the TRUTH without insulting... that's right. but where did anybody hurt here.
The commentor is asking the non muslims to reflect on the vedas verse and know the reality of idol worship...
If U like to hide the reality of worshiping ONE GOD which is also mentioned in hindu scriptures... U want others not know about the TRUTH.
What the comment below says is that 'there is no image of God' and thats the TRUTH.
if U think that as a Muslim keeping quite on this and never tell our brothers in humanity of the TRUTH... Then the media which is propagating the other way of what God is, fooling all the people who doesnt care for who is worthy of Worship...
Use your intellect and look for the TRUTH... it might hurt a little but your deep study will know the REALITY of worshiping idols and living in darkness of the TRUTH.
MAY ALLAH GUIDE THOSE WHO R HONEST IN LOOKING FOR THE TRUTH. ALLAH KNOWS BEST.
I would say immature journalism must use some professional ethics .it is very sad to see fellow Muslims mocking others faith .it is the main reason for all the mess .we must respect others faith. No religion is perfect .every religion has its own shortcomings. Salafist mentality of journalism is really not good as it divides the society .where ever you go .we are now seeing islamophobia.. For god sake stop quoting zakirs quotes. We have lot of other things to work .we have 1000+++ short comings. Empowerment is not just population increase .we need to work on all the aspects . grow up mr abd,ponder and true Indian.
@suresh.
Harming and torturing animals is great sin. But for food u can slaughter it by halal method. Where animals feel zero pain.
In uae. Camel is the national animal. If u acciedent it on road. Is the same offence as if u accident
@Suresh.
Why god has given sharp teeth. Is it for time pass. If he wants us to eat only veg. He would have given only flat teeth. U talk as if u havent killed a single mosquito.
For muslims god is controlling us. We have to pray 5 ti
TRUE INDIAN, false indian, murty, non-murthy, PONDER-wander,,AHAD-vahad,PK-chikey,
So our's is blind belief and what about yours? Whats so great in Goat sacrificing, for what? Is it playing holi with blood of animals, You mean to say your god loves it.
Did your god create these animals for you to kill them, What a logic !
Venki
U still dont understand that one line? please reflect on it why VEDAS says NA TASYA Pratima ASTI....
Na Tasya Pratima Asti - There is no image of God...
Please look for the TRUTH and the Truth behind idol worship... Wake up guys, Know your CREATOR ... Dont worship man made idols and objects.. its making fool of yourself and deviating you from the truth and the true God.
There is no God but ALLAH and Muhammad Pbuh is the last and final messenger of ALLAH.
QURAN is the final revelation of ALLAH...
QURAN is for all MANKIND
and its NOT just for muslims...
Dear NON MUSLIMs...
ALLAH has given intellect to humans and we should use it to understand who is worthy of worship... QURAN challenges the mankind .. to look, Ponder, recite and REFLECT on what QURAN says... Try it ... U will be successful in finding contentment in your heart and life.
''No Sathya Prathima Asthi''.........God Has No image ( Idol ,photo......etc )
BLIND BELIEF, FEEL SORRY FOR NON-MUSLIMS.
THEY DONNO WHAT THEY ARE DOING. GETTING BRAIN WASHED FROM POOJARY'S
ALHAMDULLAHI RABBIL AALAMEEN. All Praise Be To Allah THE LORD OF THE WORLDS who has blessed us with beautiful religion of ISLAM.
these idols can not protect themselves how it can protect you O people.
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