Friends, this post does not include any deal, product or offer as such. But it contains a very vital information about PAYTM wallet that we all use frequently. We have tried to highlight the important points regarding this news that now you can Recharge your Paytm wallet via ATMs as well.
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Now, you can recharge your Paytm mobile wallet through ATMs.
>> The e-commerce company has tied up with the Bank of Maharashtra and is in process of tying up with other leading banks to help customers top-up their wallets using ATMs.
>> Customers of the Bank of Maharashtra can use their debit card to top up their Paytm wallet by walking into more than 1,800 ATMs across the country, said Nitin Misra, vice president-products at Paytm. “We are in the process of partnering with many other leading banks and will be making an announcement soon,” he said.
>> Paytm, which has received payments bank licence, does 75 million transactions every month from 100 million users.
>> The Noida-based company, backed by Chinese e-tailer Alibaba, expects to increase the number of transactions with this move and attract customers who are wary of using net banking.
>> “People who are not using online or net banking will have an option of using Paytm wallet by loading it at ATMs,” said Sanjay Doshi, partner, financial services — deal advisory and head of valuations. “Combined with Paytm tying up with kirana stores, this will increase online plus offline transactions for Paytm.”
>> Paytm recently tied up with Miranda stores in Andhra Pradesh where people can walk into a store and load their mobile wallet. In a similar initiative, the company tied up with ICICI Bank to allow its users to top up the wallet at a bank branch.
>> Debit cards outnumber credit cards by a huge margin. There were 21.48 million credit cards and 570.8 million debit cards in the country at the end of May 2015, according to the Reserve Bank of India’s latest available data. The number of transactions using credit cards was 0.46 million at ATMs and 60.13 million at points-of-sale during May. This compared to usage of debit cards for 636.6 million ATM transactions and 88.96 million point-of-sale transactions.
>> Besides Alibaba Group’s Ant Financials (AliPay), Paytm is backed by SAIF Partners, Sapphire Venture and Silicon Valley Bank. Since its launch in 2014, it has become a dominant mobile payment service platform. As Payments Banks, Paytm will be allowed to accept deposits of up to Rs 1 lakh and offer current and savings account deposits. It can also issue debit cards and offer internet banking. However, it will not be allowed to lend to customers or issue credit cards.
We really think that this is a great initiative / step from PAYTM and people specially who do not use online / Netbanking etc. facilities can now also use PAYTM wallet very soon :)