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One of the companies which had risen by leaps and bounces post Demonetisation, Paytm is looking to expand its feature roadmap to ensure it leaves no ground linking consumers to its services for a huge network of user base. As a part of its Payment’s Bank feature roadmap, the company has announced to launch Rupay Debit Card for its consumers which will help them to use their wallet cum payment’s bank account as POS transactions (against the offers and cashback piled up) to be used at retail counters.
What change would the debit card brings to the existing Digital Wallet Ecosystem?
The company is launching a Rupay debit card to do transactions online as well as digitally anywhere across India. This means that at places where you still don’t have the option to pay digitally through paytm wallet, you will now have a card to swipe at the POS (point of sale) machine. This shall also work better for retailers who still are not able to align themselves to the current digital wallet ecosystem. To better relate, try and suppose that you have bought a heavy ticket size item such as a laptop from Paytm Mall and received a INR 2000 cashback on the same. Now you could use that INR 2000 to buy items from your nearby grocery shop or for that matter get it as hard caash from a nearby ATM. This would further strengthen the Online to Offline transactions and people would be cross-leveraging online and offline platforms discounts to get cash benefits or buy items from nearby store.
The founder of the company Vijay Shekhar Sharma also made the picture of the Rupay Debit Card public on Twitter mentioning his name on the White Rupay Debit Card.
From Online to Offline
There shall be a new change of behaviour which will be infused with the Payment Bank’s introduction to the Indian Economy. Cashbacks and Coupons which were utilised for purchasing will now mean hard cash in the pocket of the user. Thus cashbacks will act as a catalyst for companies like Paytm to flourish on GMV over its ecommerce platform.
As the Paytm wallet seems to be servicing at nearly all outlets (with the introduction of debit card), people would use it more often than their banking debit cards because of the incumbent offers given by digital wallet companies holding a payment bank’s license. While consumers use it more, Paytm will earn more from the retailers as surcharges and facilitation fee. At the same time to earn more cashbacks people will shop more from ecommerce platforms of these digital wallet companies hence Paytm would be able to establish a great pull based consumer acquisition mechanism to work coherently for Alibaba’s success in India.
A brief peek into key metrices and data points of some of the leading digital wallets in India
|Paytm – Quick Statistics|
|Paytm has crossed 60 million downloads and currently has 192 million mobile wallet users.|
|It has also hit 5 billion GMV and is currently clocking INR 120 crores worth deal daily|
|Has launched the POS Service for all merchants across PAN India|
|Post Demonetisation, it has grown into three folds with 7 million + transactions daily|
|The company has also launched its Fintech Services in Cananda|
|Paytm has also launched recurring billing service for digital subscription cloud-based companies, such as content apps and websites, newsletters, utilities and media companies.|
|BHIM App – Quick Statistics|
|Transactions per day||5 Mn +|
|Mobikwik – Quick Statistics|
|Has recently tied up with 391 toll plazas in India to pay through their app|
|Allows merchants to transfer the amount in their account with 0% facilitation fee|
|Mobikwik with a user base of 40 million has seen a growth of 40% in daily app downloads.|
|Also has partnered with Mumbai Traffic Police|
|Freecharge Quick Statistics|
|Has recently partenered with IOCL, BPCL and HPCL across the country.Will be available on major petrol pumps in India|
|The list includes nearly 26,000 petrol pumps of IOCL, nearly 13,500 petrol pumps of HPCL and nearly 13,800 petrol pumps of BPCL.|
|Will also be available to pay with 17,000 LPG distributors across the Country.|
|Paypall Quick Statistics|
|Total Volume of Digital Payments Globally||$282 Billion|
|Total Volume of Mobile Payments Globally||$66 Billion (23% of Total Digital Payments)|
|Paypal has lesser volume of total payments through mobile which will always lure Paypal towards Mobile Wallets in India which is an emerging market for Fintech Companies worldwide|