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Paytm has become the apex of mobile wallets in India
  • Paytm is at the apex of mobile wallets in India with 110 million subscribers and Ali Baba backing up the company. The company expects customers to add about $500 million in their wallets this year. “In 2015, we saw wallets become mainstream. Next year, as more and more businesses push marketing dollar spends to cashbacks and wallets, the recharge value and frequency will steadily increase,” Vijay Shekhar Sharma told the Economic Times.

    Paytm Wallets have changed the way we financially transact today and are aiming to make India a cash-free nation. A new initiative taken by paytm to attain it’s aim is “Sound Pay”Paytm will be launching “Sound Pay” and customers will able to see a cool icon in the Paytm app. Tapping the icon will allow the customers to make payments at stores by holding their phones next to the owners.

    How it works?

    Tapping the sound pay icon in the app will emit ultrasonic sound waves which will carry the payment details, how much to pay and the customers’ credentials to the owners.

    Once the consumer transmits data, the sellers app checks whether the wallet has sufficient money or not before the transaction is sealed.
    The beta testing has begun and, if successful the system will be implemented within a few months at convenience stores.

    This concept however is not completely new. The company’s biggest investor, Ali Baba’s wallet Ali Pay has introduced sound payments in 2013. In 2015, Google had also launched Google Tone a Chrome extension which could transfer files between 2 computers using audible sounds.

    Let’s see how well this new innovative step taken by Paytm in the mobile wallet and e-commerce platform prove to be.
    “Paytm Force has already found great traction in cities where we ran the pilot including Delhi, Mumbai and Bengaluru. Merchants on the platform have expressed how helpful they have found the programme in navigating through the online selling experience and using the services to better manage and grow their online business,” said AVP, business, Paytm, Sudhanshu Gupta.

    “It also creates a great opportunity for the specialist partners/(e-commerce support services providers) who are part of Paytm Force as they get paid a fee directly for their services,” added Sudhanshu Gupta.

    Sellers on Paytm can avail the services by easily booking an appointment online on Paytm’s portal – PaytmGoBig.com for a nominal fee. The fee can be directly be paid to the specialist after the service.

    Paytm force is a great way to keep the merchants informed and updated about the activities they need to perfom or look after to for smooth functioning of their business on Paytm.

    Paytm is really determined at making India a cash gree nation and has been trying to get more verticals to let their users pay through the system of mobile wallets. Last year in 2015 paytm tied with banks like ICICI, Religare etc for paying insurance renewals through paytm.
    This year Paytm is also planning to hop on to the travel market because they understand that planning a vacation is no vacation.

    The travel team will based out Bengaluru and this service of Paytm will allow the travelers to do everything in a jiffy; booking hotels, flight tickets, taxi rides etc.

    The service will be incorporated into their website and mobile application unlike their backing Alibaba which has a different site for this service – Alitrip.

    However for international trips the company might tie up with Alitrip.

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