Paytm has today announced that it will enable 5 million merchants to leapfrog to digital payments in 2017. It has launched an array of new features to enhance security and increase usability both for consumers and merchants. The company has also started working upstream with distribution networks in order to enable merchants who accept Paytm do business with their suppliers as well.
In the last 45 days, Paytm has introduced several new features to enable every Indian to accept and pay using Paytm.
– The company identified the need to localize their app so that consumers in tier 2 and tier 3 towns could use Paytm more comfortably and launched their android app in 10 regional languages – Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi.
– To provide additional safety to the users, Paytm launched an ‘App Password’ feature on Android. With this feature, users can set a secure Pin, password, Pattern or Fingerprint as a means to ensure money stored in the Paytm wallet remains safe even if the owner’s phone is lost or misplaced.
– Introduced a toll-free number to enable feature phone and non-internet users to go cashless with Paytm.
– Started 24*7 consumer and merchant helpline to address their queries and educate them
– Merchants can now complete a self-declaration and receive upto Rs. 50,000 directly in their bank account at 0% cost.
– Implemented a new security feature called masking which hides the mobile number of the sender and the recipient. This guarantees security against fraud and also protects users from possible harassment and spam calls.
Sudhanshu Gupta, Vice President – Paytm said, “We are committed to solving everyday problems with technology as our teams constantly receive feedback and implement new features to enable users. We have upgraded our system capacity to ensure a seamless experience for our users, even though there are a few hick ups coming due to congestion in bank networks. Our transfer to bank charges are 0% and will remain so with the launch of the payments bank.”
The company’s extensive sales team which are spread across cities and district head quarter towns have already enabled 1.5 million merchants. Paytm now aims to also enable the distributor and suppliers of these retailers to receive payments from these merchants in order to fully cover the distribution network.
Sudhanshu further said, “While our large field teams work on educating and onboarding merchants to accept Paytm, we understand that it is a need for our retailers to also be able to pay their suppliers digitally and we are working towards that. We are enabling sabzi mandis to accept Paytm and are also working with sales and distribution companies to bring their networks onboard.”