Monday, February 8, 2016

Now, Payment for Petrol With Paytm at Indian Oil Pumps


Digital Payments are changing the way we transact on daily basis mobile wallets, Paytm in particular, are leading this charge. Now Paytm wallets will be accepted even at Petrol pumps!


Earlier today, Vijay Shekhar Sharma, Founder and CEO of Paytm announced on his Facebook timeline, that going forward, customers can pay for fuel using Paytm at Indian Oil Petrol Pumps.

From today pay using Paytm on Indian Oil petrol pumps. Installing them one at a time. #PaytmKaro! Sharma wrote on Facebook. 

This continues the path for mobile wallets to become a viable alternative to debit cards - services like Paytm, and competitors like MobiKwik and FreeCharge, are widely accepted online, and have been making an offline push as well. For example, Paytm is working on a payment token for the Delhi Metro, and a QR code based cashless payment system for small merchants.

We have said this earlier, very soon we may see mobile wallets replacing your physical wallets, and this is a prime example of how fast that scenario is coming to reality!

Paytm claims to have over 120 million registered users and more than 2.5 million transactions daily, on average. Now, with acceptance of Paytm wallet at Petrol pumps, the number of transactions are expected to grow at much faster pace.

At the same time, the company has also announced a virtual prepaid card with ICICI bank - physical cards issued to customers that can be used at any merchants that accept card-based payments, offline or online, at outlets that accept Visa, MasterCard, or RuPay. As part of the offline-online connection, Paytm wallet users can also add money to their wallets through ICICI's branches, even if they are not ICICI customers.


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