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.
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Are you guys thinking that RSS doesn't know about muslim education( system..? (madarasa)??? They knew every thing but acting as if doesn't knw.their main intension is to establish a Hindu Rashtra to achieve that goal they deliberately creating unrest in the society. They have already listed Muslims Christians and communist are their enemy for Hindu Rashtra. To achieve their goal they keep hunting for Muslims and their institute. These kind of programme doesn't solve the problem of Muslims instead create a lot. Better muslim groups must educate SSF about RSS ideology and their ultimate goal.
One must understand the fact that Soolibele will not rest until india become Hindurastra.you guys make any adjustment with RSS ideology but they won't change their mindset.each and every opportunity what you provide for them they will make it as a weapon to criticise in other stage. I can understand the intension of the organiser but the outcome will be 0. (Zero). It's better SSF to organise a programme for Muslim groups \ jathyatheetha rastradalli Muslim sangatanegala javabdaari \"???? will they show the same spirit and interest..???"
Why these Sunnies always with sangh pariwaar?
Even in Ullal uroos also most of the guests are Sanghis.
Kanthapuram is the supporter of modi and sangh pariwar.
may be he is enemy for true Muslims.
Instead of nasty criticism, you fringe elements show the guts to invite him for your religions samavesha (convention) and silence him. Ofcourse, the Ulemas present gave befitting response to him and tried their best to clear the misconception of Islam. Everyone knows who is Soolibele and what he stands for. Still they invited him to present Islam. Instead of appreciating their efforts, some are trying to fish in the muddy waters. shame on you!!!
Im not a SUNNI
Im not a SALAFI
Im not a Shia
Im not a SECT
Im a MUSLIM
Cheddis never teach them what is in Madrasas and they feed hindus which we muslims never teach in madrasas. WE muslim need to Convey the message to the hindus. If we dont convey to the leaders of them Then they will engage more of such ignorant acts. Even after conveying the message, if they still follow evil acts.. Then we muslims should live it to ALLAH the true God who can save or accept his decree for whatever happens. ALLAH will look after the OPPRESSORS. so dont worry MUSLIMS.
Dear HINDUS .. Honestly in Madrasa we are taught that
WHO is our CREATOR, the CREATOR of all that exists, Who give life & death & who will RESURRECT us all to JUDGE that is happened in this world.. TRUE MUSLIMS will never despair.
When we come to know that CREATOR doesnt have any image or PICTURE or statutes.. WE muslims stay away from such thing from attributing HUMAN thinking into what the CREATOR himself, said. That is the only thing which ALLAH will never FORGIVE...
Many scientist accepted ISLAM by the Scientific Accuracy which is mentioned in QURAN which is not changed since it is revealed and it will be protected by ALLAH (the creator of all that exists) . Please try to know more about QURAN and staying infront of MEDIA and accepting whatever said in it.... Its just Fooling U guys cos U never read your own religious scriptures which says NA TASYA PRATIMA ASTI>
There is no point in criticizing Mr. Sulibele, as he was making a statement based on his knowledge on Islam and Madrassa. And the responsibility to clarify the shortcomings in his speech is the scholars there. I hope they carried out their duty. Dialogue is the best way for understanding each other. One-sided ranting does not be in the good interest.
Really shameful. Are these musliyars crazy ?? Why they invited this communal guy? Do no call and give respect to RSS people in Islamic programs . Really shameful program.
Invite him to All Madrasas and make him read a few lines on Who is God and Show him the Scientific knowledge of QURAN and let him know what we Worship... which also mentioned in their VEDAS...
Without knowing people commit IGNORANT acts.. Let us invite and teach him the REALITY of MADRASAS.
These musliars invited sulibele without giving him the message of Islam.as per his knowledge madrasa and musliar is islam. so there is no wrong in his thought and speech. instead of spreading moulood spread this message of islam to your co brothers like sulibele
Sometime back Jamate Islami Hind and SIO invited Shivram Karanta as a special guest in Malpe Jamiya Masjid Symposium. He also talked in the same way as Sulibele. In the year of 1984, Muslim Welfare Association of Udipi, organized a Eid Milan at Rajangana at Krishna Mutt, Pejavar Seer was Chief Guest, stated that he also believe in one God that is Sri Krishna unlike Muslims. During 90's At Uroos function of Saidaani Bibi Darga at Central Maidan, Mangalore, Veerendra Hegde was Chief Guest, claimed that, We Hindus worship God while Idol is standing position and Muslim worship sleeping position, there is no difference between type of Worship he asserted.
However, one RSS patron and many Musliars were not correctly defended Islam in the podium. This will be a lesson to the Sunni Jammaitul Muslimeen and Sunny Educational Development Committee not invite ultras of RSS in the future unless there is a good orator to defend these Bajrangis. Because they are strong enemies of Islam and Muslims.
I appreciate that this program was held and there was a short debate clarifying the misconception about Islam and Madarsa, whatever said about Madarsa, Islam and it's followers was clarified on the podium itself.
I wish more such programmes and events should be conducted by our leaders so that there is peace in the region.
All are human beings keep on telling them about islam they will understand one day, just like how media keep on criticising about islam and made people to believe that muslims are bad people. They are working 24x7 to defame us let us work too to propogate the truth even one hour a day is much much enough.
Moilars didn't get any better guest...Even if cow or goat was invited instead of sulibele to the venue it would have been better guest...Awwe avodu nikulegu...
Abusufiyan n zaini supposed to wear orange colour dress,,,, and one day they will
Disgusting! Musliyars wake up ! there is a sayings
\Kardu uughisikonda\""
Moilar: Eer daane moolu?
Sooliebele: Yaan Moole!
Moilar: Bokka eerna cheddi parivara?
Soolibele: Yeregaavuye kiri kiri? yepala avve mone thoodu thoodu saakanad. moolu ragaale ijji.. daada pandala akulu thasbi malthonde uppuver
Hilarious !Disgusting soolibele in our own programme critising madarasa remebering me a famous kannada saying \donne kottu pettu tinnodu\"!!!However organizing team well deserve this tease bcoz themselves dont know what they doing!!!"
Good Gathering of Musliyars!
Musliyar Nannayal Naad Nannai!!!
He is a product of bajrangies...of course he does not like Muslims at all...creating problems among Muslims & Hindus is his fundamental job...why he has been called to this function...don't understand that...
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