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 hail from a traditional Brahmin family in Karnataka. My entire family was part of RSS. I was also an RSS Karyakartha. The only aim of our lives was to demolish Babri mosque and build ram mandir. (I don’t know what is their aim today because I am no more in touch with them). Today I am a Muslim. Alhamdulillah. Years ago I embraced Islam. Though Muslim society in general has no role in my conversion to Islam, I was really impressed by some Muslim friends, their character, their language etc. However, in recent years I am observing a change in the attitude of many Muslims. They are adopting the tactics and language of Sangh Parivar. They love to abuse and mock others. They can go to any extent to justify their crimes. To be frank such Muslims are working as a great wall between Islam and non-Muslims. The number of such arrogant and uncultured people is very small in Muslim community. However their presence in social media is very strong. It’s high time such Muslims change their attitude and realise that their real responsibility. Those who resort to foul language and post provocative comments have no moral right to fight Snagh Pariavar because they are also doing the work of Sangh Parivar despite being in Muslim community. Let me also remind those hardliners that the biggest jihad for a true muslim will be against his own nafs, not against any parivar.
Imapartial?! Good joke bro. What CD did ? just hided the acts of RSS and highlighted SDPI here, shame to joiurnalism!! This is called Pimp Journalism, not impartial, understand it.
Some of the comments here show how intolerant people they are. One person is calling a murder victim a terrorist. Then what about murderers? I think the one who wrote comment in Kannada is a member of Boko Haram.
Why you people are targeting SDPI if they make wrong they will get but what about RSS , when they killed humanitarian & make problem for Innocent People why you people are not open your Heart & talk againts RSS.
Why you people are targeting SDPI if they make wrong they will get but what about RSS , when they killed humanitarian & make proble for innocent people why you people are not open you Heart 7 talk.
What do you mean by that? SO you are uneducated dumb fellow ? U dint study in Madrasa? U know what people will learn in Madrasa> what rubbish ? You are the agents of RSS goons? shame on you to use such words on Madrasa?
I dont find anything wrong in that reply. words might be fouls. But its nothing in front of the Pimp journalism you used to blame SDPI, Dont u have shame guys?
Why you are linking Islam to those who killed somebody? thats just killers, consider them as Killers only, but not Islam. shame on you to use such words like sanghis to blame Islam.. You are the one who is in CDs Manuvadi "Bhat"? Because only such people can aser like this.. Shame on you
CD should not publish these kind of comments. They are uneducated and biased people. In Islam does not teach to kill someone from any religion. They are trying to give bad name to Islam, which they cannot.
Dear SDPI Fan,
SDPI or PFI is doing very good job in Saudi Arabia. They are doing social work for the needy people for all the religion, which is commendable. Nevertheless, in India some people are doing totally revers and against Islamic activities in the name of SDPI.
Thanks for the impartial report. That’s why we love CD. Don’t fear anyone. And don’t care the foul mouthed people. Prophet Muhammad (s) has declared that foul mouthed people are munafiqs.
I would like to meet the parents of the SDPI fan who wrote a comment in Kannada here and ask them how do they bring up children. So far I thought that only Sangh Parivar’s social media army can use such an ugly, cheap and unhygienic language. Now I am convinced that there is no religion party for foul-mouthed urchins.
He is definetly not a madrasa product. He must be a bus stand toilet product. From the beginning to end he has written only shit. I think he is an expert in writing comments on toilet walls in bus stands and trains. God knows whether parents teach them basic manners or not.
Dear SDPI fan. Your anger is on CD! Then why are you murdering Kannada language?
Very nice language..! I think you must be a Madrasa product! Kindly let me know in which Madrasa you studied all these glorious Islamic words?
ಸಂಘಿಗಳ ಪೋಸ್ಟ್ ಕಾರ್ಡಿಗೆ ಸಡ್ಡುಹೊಡೆದ ಶಿಖಂಡಿ "ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್"!!
ಮಾನಗೇಡಿ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎಂಬ ನಾಮರ್ಧರ ಜಾಲ ತಾಣವೊಂದು ಕೇರಳದ ಆರೆಸ್ಸೆಸ್ ಭಯೋತ್ಪಾದಕನೊಬ್ಬ ಜನವರಿ ಮೊದಲ ವಾರದಲ್ಲಿ ಅಯ್ಯೂಬ್ ಎನ್ನುವ ಬಸ್ ಡ್ರೈವರ್ ಒಬ್ಬನನ್ನು ವಿದ್ಯಾರ್ಥಿಗಳ ಮುಂದೆಯೇ ಎಳೆದು ಹಾಕಿ ಎರಡು ಕೈ ಹಾಗೂ ಕಾಲನ್ನು ಕತ್ತರಿಸಿ ಹಾಕಿ ತನ್ನ ಬರ್ಬರ ಭೀಕರತೆಯ ಭಯೋತ್ಪಾದಕತನ ಮೆರೆದಿತ್ತು. ಆದರೆ ಈ ಸುದ್ದಿ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎಂಬ ಆರೆಸ್ಸೆಸ್ಸಿನವರ ಮೂತ್ರ ಹಾಗೂ ಕಕ್ಕ ತಿನ್ನುತ್ತಲೇ ದಿನದೂಡುವ ಈ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಗೆ ಇದು ಸುದ್ದಿಯಾಗಲೇ ಇಲ್ಲ. ಆದರೆ ಅಯ್ಯೂಬ್ ಮೇಲಿನ ಹತ್ಯಾ ಯತ್ನಕ್ಕೆ ಪ್ರತೀಕಾರವೆಂಬಂತೆ ಅಯ್ಯೂಬ್ ಮೇಲೆ ದಾಳಿ ಮಾಡಿದ ಮುಖ್ಯ ಆರೋಪಿ ಆರೆಸ್ಸೆಸ್ಸಿನ ಭಯೋತ್ಪಾದಕ ಶ್ಯಾಮ್ ಪ್ರಸಾದ್ ನನ್ನು ನಾಲ್ವರ ತಂಡ ಹತ್ಯೆ ಮಾಡಿತ್ತು. ಬಿಜೆಪಿಗರ ಕಕ್ಕ ತಿಂದು ಕೊಬ್ಬಿರುವ ಈ ಪೋಸ್ಟ್ ಕಾರ್ಡ್ ನ ಅಪರಾವತಾರ ಡಬ್ಬಾ ಡೈಜೆಸ್ಟ್ ಗೆ ಇದೊಂದು ದೊಡ್ಡ ಸುದ್ದ್ದಿಯಾಗಿತ್ತು. ಇರಲಿ ಬಿಡಿ. ನಂತರ ಇದಕ್ಕೆ ಪ್ರತೀಕಾರವಾಗಿ ಆರೆಸ್ಸೆಸ್ ಭಯೋತ್ಪಾದಕರ ತಂಡ ಪ್ರದೇಶದ ಕೆಲ ಮುಸ್ಲಿಂ ಮನೆಗಳ ಮೇಲೆ ದಾಳಿ ಮಾಡಿ ನಗ ನಗದು ದೋಚಿಕೊಂಡು ಹೋಗಿತ್ತು. ಇದು ಇಲ್ಲಿನ ಯಾವುದೇ ಮಾಧ್ಯಮಗಲಲ್ಲಿ ಬಂದಿರಲಿಲ್ಲ. ಇದನ್ನು ಕನ್ನಡದ ವೆಬ್ ಪೋರ್ಟಲ್ ಒಂದು ವರದಿ ಮಾಡಿತ್ತು. ನಂತರ ಎಚ್ಚೆತ್ತುಕೊಂಡ ಈ ನಮಕ್ ಹರಾಂ ಸಂಘಿಗಳ ಕಕ್ಕ ತಿನ್ನುವ ಕೋಸ್ಟಲ್ ಡೈಜೆಸ್ಟ್ ಎನ್ನುವ ಶಿಖಂಡಿಗಳ ಪೋರ್ಟಲ್ , ಆ ಘಟನೆಯನ್ನೂ ಆರೆಸ್ಸೆಸ್ ನವರ ಕೃತ್ಯವನ್ನು ಜನರಿಗೆ ತಿಳಿಸಲು ಉಪಯೋಗಿಸದೆ, ಅಲ್ಲೂ ಚಡ್ಡಿಗಳನ್ನು ಸಂತೋಷಪಡಿಸಲು ಎಸ್ ಡಿ ಪಿ ಐ ಯನ್ನು ದೂರುತ್ತಾ ತನ್ನ ನಾಯಿ ಬುದ್ಧಿ ತೋರಿಸಿತು.
Enchinambe? any secret message u sent? plz send it to me through whatsapp if CD doesnt post!
WHERE IS MY REPLY/COMMENT? NO GUTTS TO POST THAT? FEAR OF PEOPLE WILL COME TO KNOW YOUR TRUE COLOUR ? DO YOU WANT TO POST MY MOBILE NUMBER? come on show the journalims ethics now, I dint post anything abnormal things,... post it. Else anyway we have whatsapp to circulate this...
My dear Confused Reader aliyaas Coastal Digest ......Yes he might got such education from certain communal group But what you got from terrorist sangh parivaar? why you are eating shit of RSS Mr. Coastal Digest aliyaas Confused Reader ? You asked whats wrong in yur report? am asking whats right there in your report? Do you know whats journalism ethics? Just making happy and creating some rooms to the political party for which your CDs owner suports ? Shame on you man. Do you know why and how this things are started? One Mr. Ayyub who is attacked by RSS terrorists in first week of January. Sanghis chopped out his 2 legs and 2 hands. But where was your report on that? Did u report it? No, right? After killing Shyam Prasad u reported first report, as a following report u again blamed SDPI by saying its a retaliation attack on 'shyam Prasad !!. After RSS attack on muslim houses were not reported inCD till one Kannada web portal reports it. Later u also reported by blaming again on SDPI !! What you are getting from Sanghis if you are blaming SDPI? Do you think this is the journalism, my foot. Thats not joiurnalism. That called as "PIMP JOURNALISM".... Mind it. Now dont come out one more name of "Confused Reader", come out with original name, Coastal Digest. have some shame
In Kannur Sangh parivar and Left groups have been indulging in bloodshed for decades. Now SDPI also entered the fray. Very bad development. saffron groups will seize the opportunity to attack innocent Muslims.
My dear hurt reader! Is there anything wrong in report? If there is something wrong please point out. The report clearly says that RSS men targeted innocent Muslims after SDPI men killed a ABVPI activist. By the way how can u call entire community manuvadi? I think you have received poisonous education from certain communal groups. Please educate yourself.
Shocked to see such a low level repot on a news portal like coastaldigest.com, of which I was a fan so far. How can you blame SDPI if RSS goons attack innocent Muslim families? I think CD team is full of chaddi sanghis. The contact us page of CD also shows the name of a woman from manuvadi community. Where the CD is heading?
This is too much by safron groups targeting one comunity people
Add new comment