Ecommerce in India has seen a tremendous growth and traction in the last couple of years. The major growth can be seen from top ecommerce platforms Flipkart,Myntra,Jabong,Snapdeal and now Amazon reaching the billion dollar club. As a result the payment space is heating up and PayTM is spearheading this growth offering a range of solutions for mobile users to recharge prepaid connections, buy tickets and transfer money to friends and family. With 3.7 Million customers already in its kitty, PayTM now looks at introducing innovative payment solutions to its customers for an excellent user experience.
PayTM has launched a secured wallet a few months back which hopefully will reduce transaction failure rate by 20% and will enable faster checkout. The benefits of using a wallet today for consumers is that personal information is pre stored in advance to speed up checkout, text-message based transactions as well as making it possible to pay using a phone both while shopping online and at physical stores.
Payment failure is a big concern for every ecommerce venture today and most failures happen at the banks backend. With PayTM’s m-wallet consumer’s money is already stored bypassing the bank. It is a highly secured environment.
PayTM also has offers discounts, cash backs just like credit cards do. The scope today is huge considering India’s big and diverse market. PayTM can be used to pay bills and insurance premiums and perform other financial transactions directly from their mobile phones.
Through PayTm’s platform users can recharge/pay bills of their mobile phones, Direct to Home TV subscriptions, electricity bill payment, land line bill payment, gas bill payment & toll card recharge.
Another recent development is the launch of its bus booking service across India. With this service consumers can plan and book a bus ticket to any destination within India.
PayTM definitely looks on course to tap the huge growing payments and commerce market in India