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In one of the recent developments Paytm has launched the service where user can link their BHIM UPI account with Paytm and opt to choose for payments bank account offered by Paytm.
How does this development impact Paytm users?
All the users who have BHIM app installed on their systems can link their UPI in just few clicks thereby identifying the right account to get this linked too. For Non BHIM users, they would have to register through BHIM first and then can perform it.
With this development all the payments can be directly done through the linked Bank account making it easier to receive and send money for the users and eventually reducing the facilitating charges levied by Paytm for users.
Paytm Users can also open Payments Bank Account with linked UPI account
All the Paytm users can opt in for a small verification process where in a representative will visit the registered address of the user and verify the user through Aadhar and PAN. Once verified the user could simply click on the icon to open the payments bank account through their Paytm App.
Speaking at the development Paytm CEO and founder Vijay Shekhar Sharma said “Paytm is aiming to achieve $14 Bn GMV during the ongoing fiscal year.” He also mentioned that “Paytm was witnessing 7 Mn transactions worth $18.78 Mn (INR 120 Cr) a day, this also helped it crossing $5 Bn GMV sales, four months ahead of its target.”
Payments bank account is just like savings bank account.
Just like other banking institutions offering interest rate over savings account, Paytm payment bank will also offer a 4-7% interest rate on savings account, and up to 7% on a linked sweep out Fixed Deposit. Further to this Renu Satti, MD and CEO of Paytm Payments Bank added, “Paytm Payments Bank is the country’s largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses
A brief peek into some of the leading Digital wallets across the globe.
|Paytm – Quick Statistics|
|Paytm has crossed 100 million downloads and currently has 230 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|
|Paypall has officially launched their services in India, exactly after one year of demonetisation|
|Google Tez Statistics|
|They are testing their services in India. Have tied up with leading player like Book My Show for their beta stage|
|Chat turned digital wallet is looking to expand its horizon from peer to peer transaction through payment integration through an extensive network of merhants and banks|