Paytm and foreign exchange
The company is to set its foot in the foreign exchange and cross-border remittance space under its banking identity Paytm Payments Bank. Media reports claim that it has already received the authorised dealership (AD Category II) license from the Reserve Bank of India.
On WhatsApp payments
Sharma does not seem perturbed about the WhatsApp payments option and said that since it has not launched yet, there is no point making predictions in the air. He feels it’s like those other times when it was predicted that BHIM, PhonePe, Google Tez will wipe off Paytm’s business.
He mentioned that Paytm is not going to be dissuaded by the naysayers and will harbour full faith on its three categories of P2P business — Paytm Bank, Paytm Wallet and Third Party Networks, which are banks.
Sharma said,
“Remember we are huge on-us (transactions happening between Paytm users) company. These new players are not banks and they are not inheritors of their own switches. They will obligatorily use third party parties.”
The number of transactions that they do on Paytm every year increased from 18 in Jan 2017 to 34 in Jan 2018 for our monthly active users.
Other important announcements about Paytm
Recently, the company has launched a new payment mode, Tap Card, which it claims to be India’s first “truly offline payments solution.” It is a card that uses NFC to transfer money on company-authorised Point of Sale (PoS) terminals and is aimed at non-Internet users.
Also, it is in advanced talks to acquire Chennai-based online movie ticketing platform TicketNew as it aims to strengthen its entertainment ticketing business.
Last month Paytm brought about a refinement in the app’s user experience by adding multiple payment methods, including bank-to-bank transactions under its ‘Money Transfers’ option at 0% charge. However, if a customer sends money from Paytm wallet to his bank account, he will have to pay 3 percent charge for the service.
With all these new innovations brought about by the company, we can surely hope that Paytm is here to stay and fight out every battle.
ALSO READ: Shekhar Sharma, PayTM CEO Becomes The Youngest Indian Billionaire At The Age Of 38!
