Thursday December 12, 2019
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Bad News for Paytm! Whatsapp to Launch Peer-to-Peer UPI-Based Pay Service in India

WhasApp had 200 million active users in India in 2017

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whatsapp, paytm, UPI-based Pay service
FILE - The WhatsApp app logo is seen on a smartphone in this picture illustration. VOA

Facebook-owned WhatsApp which is planning to launch its peer-to-peer, UPI-based Pay service in India later this year has nearly 400 million users in the country — a bad news for digital payments leader Paytm which last reported 230 million users.

“With a billion mobiles, lowest data costs, highest mobile data consumption, average age of 29 and almost 400 million users, the future of WhatsApp is obviously in India,” tweeted Niti Aayog CEO Amitabh Kant.

WhatsApp did not dispute the figure cited by the Niti Aayog CEO, suggesting that the instant messaging platform has added 200 million users in the country in the past two years.

paytm, whatsapp, upi-based pay service
Paytm Logo. Wikimedia Commons

WhasApp had 200 million active users in India in 2017. The company launched a test run of its payments service with one million users in the country last year which got stuck in the digital payments framework guidelines but now, the service is in the final stages.

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“To boost digital inclusion in India, we can launch the (Pay) service across the country later this year after meeting regulations,” Cathcart told the audience at an event on Thursday. The country’s digital payments industry is estimated to hit $1 trillion by 2023. (IANS)

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For 3X Growth, Paytm Becomes Redeemable at Stores

According to the firms, within two years of its launch, Paytm Gold has become the country's largest platform for savings in digital gold

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Paytm
The company is aiming for three times growth with the sale of Paytm Gold during the festive season. Pixabay

Digital payments player Paytm on Wednesday announced its digital gold platform — ‘Paytm Gold’ is now redeemable at jewellery stores across the country as part of Paytm Mall’s ‘O2O’ strategy.

The company is aiming for three times growth with the sale of Paytm Gold during the festive season.

The facility is now live in 100+ stores and the plan is to add another 250 stores in the next 20 days.

“We are overwhelmed with the growth we have witnessed in the last 2 years. Our partnership with leading jewellers is an important landmark as our customers can now conveniently redeem their gold savings at nearby jewellery stores. Going forward, we will continue expanding our partnerships and offerings to make savings in Paytm Gold a habit,” Narendra Yadav, Vice President at Paytm, said in a statement.

The company, owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold.

Buyers will receive upto 5 per cent ‘goldback’ as part of inaugural offer on the transactions done using Paytm Gold.

According to the firms, within two years of its launch, Paytm Gold has become the country’s largest platform for savings in digital gold.

It is a unique wealth management offering that enables every Indian to buy, store and sell the world’s highest quality of gold for as low as Re 1 from its partnered sellers.

“Till now, more than 30 million customers have transacted more than 4.2 tons of Paytm Gold. The platform leads the digital gold market with a 70 per cent share. Paytm Gold offers free insured lockers, real-time market-linked prices, delivery across 25,000 PIN codes, ‘Gold Savings Plan’ and ‘Gold Gifting’,” the company added.

Pixabay
Paytm owned by One97 Communications, has collaborated with Kalyan Jewellers, Malabar Gold & Diamonds, PC Jeweller, Senco Gold & Diamonds and Caratlane to let users purchase jewellery by redeeming their accumulated gold. Pixabay

The tier 2 and tier 3 cities in India have contributed to a staggering 70 per cent of the total sales and the company expects this trend to increase during the run-up to the upcoming festive season.

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“Millennials and housewives are leading the surge in demand for Paytm Gold. As per our customers’ feedback, they prefer saving in Paytm Gold for their long-term wealth creation which can be later used during celebrations and emergencies as well,” added Yadav. (IANS)