The government of India mandated the use of FASTag on every vehicle sold in the country from December 1. To help the initiative, India's leading wallet service, Paytm has rolled out Paytm FASTag.
The Paytm FASTag is a simple and reusable tag based on radio-frequency identification technology (RDIF) that can be placed on a vehicle's windscreen. It enables electronic toll fee collection on highways, and you can pass through 380 toll plazas across the country covering 55,000kms without having to stop. The FASTags are linked to a registered Paytm account and will instantly and automatically deduct the toll charges from the account.
Paytm is currently working with leading car and commercial vehicle manufacturers and dealers, including Maruti, Hyundai, Mercedes, Renault, BMW, Volkswagen, Volvo, among others to make Paytm FASTag available for customers purchasing new vehicles across the country. Those who already own a vehicle can buy FASTag online on Paytm app. The company also promising that FASTag customers will get 7.5 percent cashback on every toll transaction.
Paytm has partnered with the National Highways Authority of India (NHAI) and NPCI for the FASTag project.
Renu Satti, MD & CEO—Paytm Payments Bank said, “Cash payments at toll plazas result in precious man hours and fuel being unnecessarily spent, as attendants and motorists are left grappling with the hassles of dealing in exact change. The Paytm FASTag will facilitate non-stop movement of vehicles through toll plazas and bring the benefits of cashless payments to every toll in India. Besides offering convenience to commuters, this will also improve transparency and overall efficiency of the country’s toll network.”
Paytm has integrated BHIM UPI payments system on its platform. For the uninitiated, BHIM UPI is a mobile payment service, that lets you make instant money transfers directly between two bank accounts.
You can now create you own BHIM UPI ID on the Paytm app, which will be your mobile-number@paytem by default. You can then link any of your savings bank account with this unique Paytm BHIM UPI ID, and start sending and accepting money. According to Paytm, Paytm BHIM UPI IDs are being accepted at all banks and BHIM UPI apps.
To create Paytm BHIM UPI ID, go to BHIM UPI section on the app's home screen. Select your bank, and then the bank will verify your number, and later set your MPIN. You will also be able to link multiple bank accounts, but you'll have to set a primary account. Once done, you can start making seamless and instant money transfers directly between two bank accounts with no waiting time to add beneficiary, and without the need to furnish your bank details or IFSC code to receive money.
Paytm merchants will also be able to link their multiple existing bank accounts with Paytm BHIM UPI ID, and accept in which account they wish. As per the National Payments Corporation of India (NPCI) guidelines, users can send up to Rs. 1 lakh a day using BHIM UPI; while there’s no receiving limit.
Paytm BHIM UPI is currently available in beta within the Paytm Android app and will soon be available on iOS as well.
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Back in August it was reported that Paytm will release instant messaging service on its platform to compete with WhatsApp, and other similar apps. Today the digital wallet firm has finally launched the messaging service in the form as Paytm Inbox.
Just like WhatsApp, the Paytm Inbox is a full-fledged messaging platform, that lets you chat with your friends and family, and share photos and video. However you can also send/request money at the same time within the chat app. You can even chat with your friendly neighborhood shopkeeper and order stuff easily and send them money instantly on delivery. The messaging service is also encrypted end-to-end.
You can find Paytm Inbox on the bottom navigation bar of the home screen, right next to the Bank tab, in Paytm app. Tapping on the tab will bring up "Messages", "Notifications", "Orders" and "Games". In the messages option, you will find a button to start a chat with another Paytm user in your contact list. You can initiate private conversation, as well as create group chats.
In the conversations menu, you will be able to send recipient photos and videos from camera app or gallery app, and also send live location. Also, just like WhatsApp, Paytm Inbox also has the option to recall/delete a message.
Paytm's messaging platform also lets users to send and receive money directly within the conversation window, a feature that is missing in WhatsApp, but is in the works. To send money, simply tap on the send button, fill in the desired amount and tap "Send Money". You can even request money by tapping the receive button, then enter the desired amount and tap "Request Money". After this the recipient will get a notification to send the requested amount in the conversation.
Besides messaging and send/request money, Paytm Inbox also features "Notifications", where you can see cashback offers available across categories. It also has "Orders", that will let you view your order and transaction updates on Paytm Mall, and "Games" such as cricket and trivia-based games.
The Paytm Inbox messaging service is currently available for Android devices via the Paytm app, which you can download from the Play Store (Link). The feature will also be rolled out to Paytm's iOS platform soon.
India's top digital wallet firm Paytm is gearing up to enter the instant messaging segment to challenge WhatsApp. According to a new report, Paytm will integrate messaging functionality into its app, and is said to go live before the end of August as beta. This was first reported by Wall Street Journal, and later confirmed by TechCruch as well.
The report further mentions that Paytm has been working on the messaging service since three months, and will offer the basic features like texting and sending audio, video and photos. It is also expected to get more sophisticated features like mobile & social games; adding official accounts for communications channels, that will allow brand connect to users; and more. This will allow brands and Paytm merchants to market goods directly to the users, and receive payment within the app.
Paytm's latest move appears to be an effort to attract more users to its platforms, and increase user engagement. The platform has more than 230 million registered users, however the active user base stands at 54 million as of July, which is less compared to WhatsApp's 200 million monthly users in the country.
The latest report comes months after it was reported that WhatsApp is also planning to integrate UPI based mobile payment service in India on its messaging platform.
The use of digital wallet surged in India thanks to the impact of demonetization, which saw Rs. 500 and Rs. 1,000 notes recalled and this boasted digital payment in the country, which helped Paytm, MobiKwik, Freecharge and other digital payment service to be adopted by more users.
Paytm, one of India's leading digital payment platform has announced a new toll-free number 1800-1800-1234 that will allow users to transfer money from their account to another Paytm account without requiring an active internet connection.
To use this service, existing Paytm users should dial 1800-1800-1234 from their registered mobile number and sett a four-digit Paytm PIN. To send money, you have to dial the same number and enter the recipient's mobile number, amount and your Paytm PIN. The amount will be transferred to the recipient's account right away.
Paytm in a blog post said that “We are on a mission to democratize payments by empowering every consumer and merchant to pay and receive money digitally. After the launch of our new Peer-to-Peer payment system for merchants, this is yet another step towards our goal of achieving a cashless India,”
