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2015-04-07

Paytm ties up with Axis Bank and Yes Bank for accepting cash

The company’s investors include Ant Financials (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.

Paytm, India’s largest mobile commerce platform has announced that it has added wallet as a bank account beneficiary and aims to create 100 million wallets by 2016.

“With its mobile first strategy, Paytm does more than 30 million orders of various digital and physical goods every month. Launched in 2014, Paytm wallet is India's dominating mobile payment service platform,” said the company’s release.

Paytm is head-quartered in Delhi NCR. The company’s investors include Ant Financials (AliPay), SAIF Partners, Sapphire Venture and Silicon Valley Bank.

With Paytm wallet, the user can also transfer money from their bank account to wallet and from wallet to their bank account. It has also partnered with Axis Bank (2500 branches) and Yes Bank (1000 branches) to provide an easier way for user to add cash in their Paytm wallet in offline places.

Amit Lakhotia, Vice President, Paytm, said, “Paytm is making online transfer of money faster, easier and more convenient. These are exciting times for the company. We are constantly endeavouring to change the payment landscape of the country and with the path-breaking features of the Paytm wallet, it has become possible to do so. Launching innovative services to achieve optimum customer satisfaction is our sole mandate in the coming days.”

Paytm also informed that the company’s unique service of net banking integration has won tremendous acceptance in a country that is waking up to e-commerce and its benefits at a rapid rate. The new Immediate Payment Service (IMPS) has made possible cash floats when required. The company has also planned to tie up with 50,000 physical outlets for loading money in to Paytm wallets. There are peer-to-peer payments already operational on Android and soon to launch on iOS.

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