The online payments solution leader Paytm now trying to solve offline payment system and The Paytm has introduced “Paytm Tap Card”, A new offline payment system.
How will it work?
The Paytm Tap Card uses Pass-Field Communication (NFC) technology to enable secure and convenient digital payment, which is completely offline at the Paytm issued NFC PoS terminal.
The user can make payment by scanning the QR code printed on the Paytm Tap Card and by authenticating it at any of the Add Value Machines (AVM). The money will deducted from user Paytm wallets.
The company claimed that the new offering is in sync with the company’s vision to provide innovative and seamless payments solutions for non-internet customers.
“We are aggressively pushing digital payments to users from every walk of life. There are a large number of people who at times do not have access to the Internet or they have a limited daily budget so they shy away from using online payments. For them, we offer the “Paytm Tap Card” to enable seamless offline payments. For ensuring a wider acceptance, we are also reaching out to the merchants and are actively enabling them with NFC PoS terminals to accept payments without Tap Card.” said by Kiran Vasireddy, COO, Paytm,
Paytm is getting tough competition in Digital Payment Solutions
After the demonetisation in country, the digital payments has been drastically increased but the competitions in Digital payments solution has also been increased. The entry of tech giant, Google with its UPI based digital payment solution TEZ, The social media giant, Facebook is trying to include the message based digital payment solution in its messaging app Whatsapp which is under Beta phase and also E-commerce giant, Amazon has also introduced Amazon Pay Balance.
The Paytm is getting tough competitions with Flipkart’s UPI based Payment solution Phonepe.
Rahul is a tech-savvy entrepreneur by heart, who is also a Software Engineer by profession. He loves to write about current trends and technology in his free time.