This Article is From Jun 18, 2015

Online Payments Without Debit, Credit Card: Here's How

Online Payments Without Debit, Credit Card: Here's How

Representational image

For all those who are not comfortable using a debit card or a credit card online or for those who don't even have any of these financial instruments, they can still shop or make payments online.

Wondering how? Paytm, which calls itself a mobile wallet, has close to 5,000 outlets where one can walk in, deposit cash and it gets added to the individual's Paytm account. Paytm stands for pay through mobile.

"So for example you can walk in to any of the Axis Bank branches and give money to the teller and the teller would add the money to your Paytm account," Amit Lakhotia, vice president- payments, Paytm told NDTV. (Watch)

Going forward, the company plans to ramp up the number of such outlets significantly. By next month, Paytm has a target of having 50,000-75,000 outlets, Mr Lakhotia said.

Mr Lakhotia said Paytm helps the consumer keep the money with the digital wallet and use it for online transactions like payments to different merchants or transfer money to other people's Paytm accounts.

Paytm claims to have nearly 80 million users and it says there are 70-75 million transactions per month.

Paytm allows transactions happening only in India. Currently Paytm has close to 15,000 merchants where users can transact using the wallet including players like BookMyShow, MakeMyTrip, Uber, TaxiForSure etc., the company said.

Mr Lakhotia says that Paytm offers a convenient one-click way to transact online as opposed to the lengthy process in case of regular online banking or credit and debit cards.

Revenue Model
Paytm says its annual revenue is in the tune of $1.5 billion. On every transaction that happens on a merchant platform through Paytm, the company takes a cut from the merchant.