Monsoon havoc: bridge, roads submerged as rivers overflow; mudslide blocks Shiradi Ghat

Mangaluru, Feb 10: Life of a 40–year-old man, who suffered a massive cardiac arrest, was saved by an ambulance driver who covered 80-km distance between Dharmasthala and Mangaluru in just 40 minutes.

The patient, a Chikkaballapur native sustained a heart attack near Sakleshpur on Saturday while he was on his way to Dharmasthala. He was provided preliminary treatment at a private hospital in Ujire, where doctors advised his relatives to shift him to a hospital in Mangaluru immediately.

The patient’s condition was critical and the odds were completely against him. Moreover owing to the ongoing double lane project work, the road too had been dugout. Despite all this, ambulance driver Hameed drove at a fast pace and managed to take the patient to the hospital within 40 minutes.

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.

Patna, Mar 31: In arguably the first of its kind incident in the country, a young man in Bihar was beaten to death precisely because he had informed the district control room about two corona suspects who had arrived here in the State from Mumbai.

The incident took place in Sitamarhi in North Bihar where a 20-year-old youth Bablu Kumar was allegedly killed by Sudhir Mahto and Munna Mahto.

The two Mahtos had arrived from Mumbai to Sitamarhi around ten days back. Bablu, in the meantime, informed the district control room about the arrival of two persons from a State where a large number of people were afflicted with coronavirus.

A team of doctors on March 24 reached Runnisaidpur in Sitamarhi to examine the two suspects. Three days later, these two persons from Maharashtra tested negative.

But the incident (of informing control room and subsequent medial test) created such enmity between the family of Mahtos and Babloo that on Sunday when they found the 20-year-old young man sitting alone, they thrashed him so mercilessly that he died on the spot.

Shocked and grief-struck, Babloo’s father Vinod Singh eventually lodged an FIR with the police and named Sudhir Mahto, Munna Mahto, and their family members as accused in the killing of his son.

The police on Monday raided the place and arrested the Mahtos.

But then, this is not an isolated case of violence. In another incident that took place in Bihar’s Jehanabad district, a BDO Ajay Kumar and a police officer Chandrashekhar Kumar were attacked by fellow villagers when the officials reached there to quarantine those migrants who had reached there from Delhi. So angry were the villagers with the officials’ move to isolate the migrants that they smashed the window-panes of the government vehicles and attacked the officials.

The officials had to beat a hasty retreat. But they soon returned with additional police team which used brutal force and took local leaders into custody before restoring normalcy in the area.