After Paytm, Now We Have Tez

Everyone seems to be capitalising on the after effect of the gaffe made by the Indian government last year. If it isn’t clear, the gaffe in question is demonetisation, where the Indian government banned the 1000 and 500 rupee notes, forcing a large chunk of the country’s population to steer away towards digital payments. As a result of this preference for digitised payments, Paytm, the most popular online payments app soared to new heights of popularity and recorded massive profits which allowed its owner to buy an expensive house, while the rest of the profits went to Alibaba, the Chinese company that owns the larger part of Paytm.

Looking to enter this profitable playing field and make a cut of the massive profits themselves, Google has launched their own payment app in India, named Tez (Hindi for fast). Tez, a United Payments Interface (UPI)-based digital app, goes a step beyond Android Pay, by allowing users to link payment apps from Indian banks. Tez also allows bank-to-bank payments and is comfortably protected by Tez Shield, Google’s own data security platform with the ability to detect fraud and protect user identity. Conveniently, Tez has a contact list that will give transaction history organised, somewhat like a chat app. According to Google, the app also allows small businesses to accept payments directly into their bank accounts.

“Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India,” is Google’s official statement regarding their newest venture on its information portal.

But what makes Tez special, particularly in India, is that it uses Audio QR. This basically means that the app does not use user payment information but instead transfers money based on sounds. Twi devices can pair using these ultrasonic sounds, eliminating the need for payee and payer personal information. This will also make the process more rapid and frictionless and also bypasses the need for an NFC chip, since phones with NFC are still relatively rare and expensive.

The app will be available on both Android and iOS and Google is planning to release it in other emerging countries.

Sources: The Verge, TechCrunch 

Paytm E-Commerce to launch marketplace app, Paytm Mall

The app will be available in 7 different languages
The app will be available in 7 different languages

On Monday, Paytm E-commerce announced the launch of its new Paytm mall app for Android. Paytm mall is a consumer shopping app and will give competition to Amazon, Flipkart and other e-commerce apps.

Ranging from fashion to electronics and from consumer durables to home furnishings, the app will provide the users with products from 1.4 lakh sellers. “Only trusted sellers passing strict quality guidelines and qualification criteria will be allowed on the ‘Mall’,” stated Paytm in a statement. For gaining consumer trust and ensuring smooth service, the products listed on the mall will go through Paytm certified warehouse and shipping channels.

The combination of the mall and bazaar concepts is what Paytm E-commerce aims to offer with this app. To ensure speedy service, Paytm mall will set up 17 fulfilment centres across India. With this venture, the e-commerce company aims to rule the entire online shopping market.

Paytm mall will launch an ungraded version of the paytm seller app, which will be available in seven different languages. It will enable anyone with a smartphone to set up online shop on Paytm mall.

News source: The Hindu BusinessLine , Business Standard

Paytm Allegedly Cheated of 6.15 lakh by 48 Customers, CBI Investigates  

Paytm, India’s biggest digital wallets company has recently claimed that it has been cheated to the tune of Rs 6.15 lakh by a group of customers based in Delhi.  CBI, who is handling this case, has filled a FIR against the alleged customers.

According to the Indian Express, the FIR has been registered against 15 customers, who are residents of Kalkaji, Govindpuri and Saket, besides unknown officials of One97 Communications which is Paytm’s parent company.

The complaint that was filled by Manager Legal, M Sivakumar, claimed that the company makes payment for defective products received by a customer along with arranging a reverse pickup of the damaged product which is returned to the merchant. This process is done by a team of customer care executives.

It is being said that that the company found that in 48 cases customers had received refunds even though the delivery of orders was made successfully to them and in all these cases refund of order amount happened to the respective customers to the tune of Rs 6.15 lakh, reported NDTV.

The company has alleged that the customers illegally appropriated money refunded in their bank accounts and wallets and claimed that the acts reflects serious fraudulent act and foul play with common intention to wrongfully gain along with such involved customers.

Paytm has also claimed that the refunds against these complaints were made within five to six minutes of disputes being raised by the customer.

SOURCES: NDTV, The Indian Express

IMAGE SOURCE: Representational Image

Paytm Launches “Each one Teach one” to increase digital inclusion

Paytm, a digital wallet which is on all time high use has announced a new program to increase the digital inclusion in India under which it is calling consumers and merchants all versed with Paytm to teach others to use Paytm efficiently.

The campaign aims at the increase the use of digital wallet and transforming the user behavior  to smoothen the country’s current shift from cash to digital payments. Paytm has announced a grand prize of Rs. one core and many other prizes such as Motorcycles, smartphones, laptops for the users as the part of the drive.

The users who will be transacting by Paytm between 1st December 2016 to  31st March 2017 wil be eligible to win the prizes. Paytm has also announced the scholarship of Rs.2100 for 10000 users who will teach people to pay and accept the digital payments and cerficates for one lakh further users across India. Winner for the drive will be selected on the basis of their efforts to increase the digital inclusion and promoting Paytm. Considering the ongoing landmark moment in the country’s financial history, Paytm is actively trying to achieve the aim of making cashless transactions a part of life across India.

SOURCES: ANI News, Indian Express

Image sourced from DNA India

Paytm to work without Internet

In an attempt to democratize payment by allowing every person in the country to make digital payments, Paytm recently made a very exciting announcement. Paytm now can be accessed without active internet in the phone. A new toll free number has been launched by the company that enables non-internet users and feature phones to go cashless with Paytm. This step will allow millions of retailers and consumers to access mobile payments across India. 18001800 1234 is the number that they have to dial and make payments to any Paytm customer without an active internet connection.

To avail the advantages of this step, one must first set their 4 digit Paytm PIN on call. Following which the mobile number of the recipient has to be added along with the amount and their personal Paytm PIN to complete the transaction from their Paytm wallet to the other Paytm wallet.

But a prerequisite for this service is an existing Paytm account, the service is for existing Paytm users only. A new account can be created by installing the mobile app for iOS or Android or logging into paytm.com.

SOURCES : Business Insider, Paytm

Image Source : NextBig What