Mobile commerce platform Paytm today opened its Paytm Wallet service to several online merchants in India. What this means is, users will now be able to pay through the digital wallet on these platforms that includes Homeshop18, MakeMyTrip, BookmyShow and Naaptol among others. Also Read - How to book COVID-19 vaccine slot via Paytm App, get Covaxin and Covishield shots with these simple stepsAlso Read - Alert! Paytm cashback scam: Fake Paytm website, it's a trick to steal your money
Paytm Wallet was launched in February after the company received a license from RBI. This wallet essentially lets you store cash digitally, which can then be used for mobile and online transactions. The company further revealed that it now had more than 12 million users making use of the Paytm Wallet service. Also Read - 5 apps helping people get through the COVID-19 second wave: Twitter, CoWIN, Aarogya Setu
According to a report on Economic Times, Paytm has integrated its digital wallet with as many as 400 online merchants in India that also include the likes of redBus, Fabfurnish and Bharat Matrimony. With these integrations, the company is now targeting the Rs 3,000 crore mark for all the transactions done on Paytm Wallet.
Paytm is amongst the most widely used mobile wallet in the country and our aim behind partnering with the company is to provide convenience to our customers, Parikshit Dar, CTO, Bookmyshow said.
Uber too is reportedly looking at integrating the Paytm Wallet into its payment process. The San Francisco-based cab service provider has been asked by RBI to change its business model or shut down its operations in India. RBI stated that Uber and other companies that offer app-based purchases cannot allow customers to pay with their credit cards without a two-step authentication process. Customers, earlier, simply had to enter their credit card details at the time of signing up with Uber. Every ride was automatically charged to the card without any further verification.