Articles by "Paytm"

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Showing posts with label Paytm. Show all posts

March 18, 2018 , , ,
Paytm Finally Allows Receiving of Payments Directly into Bank Account
Ever since the mobile payment sector boomed in India, Paytm has been the favourite app of people. The easy to use UI, smooth experience and worthy add-ons make the application a top gainer when it comes to mobile payment apps. However, there had been major missing functionality with the popular application, and those were- receiving money directly into bank accounts and returns of failed transactions funnelling into bank accounts.
Paytm has finally decided to take a step and is now rolling out an update which will solve this problem and provide users with experience of the all-in-one mobile payments app.
Sending Refunds Directly to the Payment Source: Earlier, whenever there was a failed transaction towards a merchant on the Paytm app the app used to make the refunds only to the wallet and not to the bank account or card from where the payment was made.
This undo this; users had to go through the hassle of adding the money back to their accounts whenever there was a refund. The update which Paytm will be soon rolling out will make amends to allow the refunds to go directly to the payment source. Paytm users can toggle this setting on or off by going to the ‘Profile’ section and scrolling down to payment settings and tapping on “Saved Payment Details and Settings”. At the bottom of this page, users get to see a toggle button for ‘Add money refund back to source’.
Receiving Money Directly to Bank Accounts: This money will allow the people to receive money directly into their bank account without requiring the sender to put in your bank account details again and again. Like the last feature, users can toggle this feature on and off too. To turn this functionality on we’ll need to go to “Accept Money” in the Profile settings and tap on “Add a Bank Account”.
Then we’ll be needed to enter our account number, IFSC code, and the name of the bank. The app asks for a confirmation of the account number again for security reasons and sends an OTP on the registered phone number. Further on, after this process, the user will be able to receive the money directly into his bank account whenever someone sends the money using UPI, QR code or using the registered mobile number.
While in the past Paytm has been held by the users for charging a 3% fee on transferring funds from wallet to the bank account but it still remains unclear whether or not that will be levied on the funds transferred to accounts using this method. Also, all these new features are made available for users in the latest Paytm app version. We’re using the Paytm Beta version 6.6.3 on a Android smartphone and can see all the new features. However, the last app update as per Google Play Store is on March 8, 2018. We’re assuming that these are server-side changes itself.

March 02, 2018 , , ,
Paytm Becomes India’s Largest UPI Transactions Platform!
With the KYC deadline passed, the digital wallets in India are now facing an uphill task to retain users. As per a recent report, 8 out of 10 mobile wallet users are using a mobile wallet without completing the KYC process. On the other hand, digital payment transactions are estimated to be worth Rs 12,568 crore in the country at the moment, and Paytm has been a major contributor. UPI has played a major role in making money transfers simple and easy. The recent integration of UPI into Paytm Wallet has worked wonders for both UPI and Paytm. Previously, the Flipkart-owned PhonePe had the major share in UPI transactions, and later Google claimed its payments platform Tez was the largest contributor to UPI transactions. But now with the Paytm-UPI integration, country’s largest digital payments company has taken the lead.
Paytm & UPI The total transaction volume rose to 51 million in January and has now touched 68 million in the last month. Paytm, in just within two months of the full rollout of UPI-based payments in its app, has overtaken Flipkart’s PhonePe, Google Tez and government’s BHIM app. Paytm now supports all UPI payments and has driven the overall growth in UPI transactions over the past two months to take the first spot. This rapid growth of UPI transactions on Paytm has been possible due to its vast user base, wide acceptability and multiple functionalities. Paytm has launched its own UPI IDs called Paytm UPI IDs. The Paytm UPI IDs are accepted across all the banks and BHIM UPI. Being the largest mobile payments ecosystem in the country, Paytm has successfully used UPI to make money transfers simple and more convenient.
Paytm’s Physical ATM-cum-Debit Card Paytm initially launched its Virtual Debit Card with Paytm Payments Bank, which can be used like any other debit or credit card, but is only limited to online transactions. The virtual debit card has all the required details such as the name of the account holder, 16 digit card number, expiry date and CVV. But now, Paytm has launched its own physical ATM-cum-Debit card. Users can now order a physical debit card of their own. Firstly, you need to have a Paytm Payments Bank account to get a physical debit card. If you are already an account holder, you can follow the steps to order a Paytm ATM-cum-Debit card of your own;
Step 1
Update the Paytm app to the recent version (6.6.1). Open the app, and tap on the ‘Bank’ icon on the bottom, at the right corner.
Step 2 On the Bank page, you will have your virtual debit card, Savings Account details and more. Now scroll down, and you will get to see the Debit & ATM Card option. Once you tap on it, you will see a “Request For Card” option
Step 3 After clicking on “Request For Card”, you will see a page with your card details. You need to fill in the delivery address and tap on “Proceed to Pay Rs. 120“.
Step 4 Paytm will deliver the physical debit card to your address in a few days time. After you receive the card, you need to scan the QR code on your card from the Paytm app.
Step 5 Paytm will fetch all the details from the QR code. To activate the card, you need to go to Debit & ATM Card option again and click on “Activate Your Card” and create a PIN number.
Paytm ATM-cum-Debit Card – Uses & Charges You can use the Rupay powered Paytm ATM-cum-Debit Card like a regular debit card, starting from withdrawing money from ATM to paying at any POS. The Paytm ATM-cum-Debit card can do everything a normal Debit card does. For now, cash can be withdrawn from any bank’s ATM in any of the metro cities (Mumbai, New Delhi, Chennai, Bengaluru, Kolkata and Hyderabad). The first three withdrawals in a month are free, while for the additional transactions, users will be charged Rs 20/- per transaction and Rs 5/- per Mini Statement, Balance Check or PIN Change. Amidst the KYC struggle, the Alibaba-SoftBank backed company has planned a $500 million investment for KYC operations. Paytm will set up KYC centres across the country to complete KYC for customers and make them eligible for a Paytm Payments Bank account.

July 28, 2017 , ,
Paytm App Will Offer News, Live Matches, TV Shows; Facebook TV Coming In August!The competitive, yet creative on-demand entertainment market in India has just got a new competitor in the form of Paytm.

As per reports coming in, Paytm has decided to become a player in the game of content, and will offer several on-demand entertainment options for their 200 million+ daily app users.
With this, Paytm will now directly compete against names like Amazon Prime, Netflix, Hotstar and others, who are doing everything to stay ahead of the crowd.
In a related news, Facebook TV will soon hit your newsfeed, starting August.

Paytm’s Content Gamble: TV Shows, Live Matches, News And More
A section for content would be soon introduced in the Paytm app, which will offer live matches, news, TV shows and more.

In fact, they have already started collaboration with various content partners for delivering on-demand content, which includes: (as per preliminary reports)

  • SonyLiv for TV shows
  • FunkYou for short videos and astrology shows
  • Yupp TV for live news
  • NewsAPI for syndicating global news content
  • Powerplay Cricket for Java based games

As per an unnamed source, Paytm will try to monetize the millions of users who throng their app daily for various purposes. He said, “Paytm has such a massive daily active user base and this content will appeal to them. Also, it is an opportunity for any content provider to get access,“
This comes after Paytm partnered with Alibaba-backed Hong Kong Stock Exchange listed AGTech for establishing a gaming company in India.
Interestingly, Alibaba based C2C marketplace Taobao too launched exclusive web series in march this year, to tap the content market.

Facebook TV This August On Your Newsfeed
Meanwhile, Facebook, whose focus right now is videos, have almost completed their preparations for launching their own TV shows, which would be directly broadcasted on your newsfeed.

As per reports coming in, Facebook has asked their content partners to provide first episodes of 5-10 minutes short TV shows, tailor-made for their audience, called as ‘Spotlight shows’.

We had earlier reported their intentions to launch longer version, 20-30 minutes TV shows in June. Now, the longer version would be launched after the shorter version trial run in August. The base has been created, as they have already launched apps for Apple TV, Samsung Smart TV and Amazon Fire TV.

The reports state that Facebook’s TV shows would be something in the middle of Youtube’s content and Netflix, HBO exclusive shows.

Facebook has declined to comment as of now.

July 18, 2017 ,
3 Decisions Which Prove That Paytm’s Focus Is Now Customer Satisfaction, Rather Than Customer AcquisitionThe phenomenal growth of Paytm is not a secret – Every fan boy of Steve Jobs and Bill Gates is now aware of how Paytm grew from a humble beginning to churning out 1 billion transactions via 147 million wallet users last year.

In fact, last year in November, Paytm transactions exceeded combined usage of credit cards/debit cards in India.
Now, Paytm has reached a stage wherein they put more emphasis on retaining customers, rather than acquiring them. And this indeed a maturity level which we are expecting from every e-commerce/wallet company out there.
Paytm has clearly understood that with greater powers, come greater responsibilities, and some of the recent decisions taken by Paytm clearly showcases this attitude.

Here are three updates from Paytm camp, which strongly suggests that the focus of Paytm is now customer retention and gaining loyalty, rather than acquiring customers at a breakneck speed:

85,000 Sellers From Paytm Mall Removed

In the last few years, we have been listening to news about ‘acquiring’ new sellers by e-commerce firms. If Amazon claimed that they added 50,000 new sellers, Flipkart claimed that they had 80,000 sellers. As if the total number of sellers is directly proportional to the quality rendered.
Breaking this rat race, and taking an important step towards ensuring customer satisfaction, Paytm Mall has removed 85,000 sellers from their platform. 
This massive step to quarantine 85,000 sellers in one go has been taken to improve the quality of service and products.
Paytm Founder Vijay Shekhar Sharma came out on Facebook yesterday, and announced this news, as he said, “Big change in our e-commerce business @PaytmMall. From open marketplace for any seller to now, only reputed and brand-authorised sellers.

No more, any bad shopping experience due to a few sellers. Now, only highly reputed and brand authorised retailers can sell on @PaytmMall !”

Some of the strict steps which Paytm Mall has taken for improving the quality of sellers:
  • Mandatory for sellers to have brand authorization letter
  • Sellers will undergo strict quality checks
  • Sellers will be required to show their registration numbers
  • Address of shop location needed now
  • Shop photos of sellers also mandated by Paytm
  • GSTIN now must for all sellers

Clarifying these changes, and explaining the reason, Amit Sinha, COO, Paytm Mall said, “Our goal is to set the benchmark for a platform that empowers reputed local shopkeepers and brands to sell quality merchandise. We will work closely with existing sellers, and continue onboarding further. This will help us offer a superior consumer experience,”

A big thumbs up to Paytm for taking these steps, and ensuring that only quality sellers are able to do business on their e-commerce portal.

Paytm Invests in Loyalty Program Startup

Paytm informed that they have invested an undisclosed amount in Mobiquest Mobile Technologies, which is a Noida based startup, specialising in creating loyalty programs for end-users.

Their flagship product is “m’loyal”, using which brands and businesses can create their own loyalty programs, design redemption rules and manage multiple offers on one single platform.

As per initial reports coming in, this investment has been made so that retailers and sellers associated with Paytm are able to design loyalty programs for their own customers. More customers for their retailers will translate into more business for Paytm, and based on this logic, this seems an excellent investment and initiative by Paytm.
In a statement, Paytm said, “This association will power Paytm-partnered merchant network to leverage Mobiquest’s data analytics and precision marketing solution in acquiring, engaging and rewarding customers.” 
Paytm’s vice-president Sudhanshu Gupta said, “Our partnership with Mobiquest will help us offer mobile-based loyalty programmes to our partnered merchants”
Some of the existing customers of Mobiquest includes: Gini & Jony, the Select Citywalk Mall in New Delhi and fitness salon chain VLCC.

Paytm Will Allow Refund Of Movie Tickets

Ever since the concept of cinema was introduced, the tickets bought at cinema theatres have been non-refundable, and non-transferable.

This means, that once you have bought the ticket, it cannot be refunded or transferred.

But now, Paytm wants to change the pattern.

In a first of its kind initiative, Paytm is now allowing the refund of movie tickets, at a partial charge.

Under their ‘Cancellation Protect’ program, viewers can now pay Rs 9 extra, and in case they are required to cancel their movie tickets till 3 hours before the show, entire amount can be refunded back.

This can be a major customer-centric move, which can trigger more such steps in the ticketing industry.

Do you think that these decisions taken by Paytm will improve their brand image, and help them to retain more customers? Do let us know by commenting right here!

MsnTarGet.com

Satish Kumar

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