Paytm starts new product feature Nearby on its platform
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New Delhi: Paytm, India’s largest mobile wallet company, on Friday announced the Nearby product feature on its platform. The feature will allow users to find the nearest merchant to load cash on to their Paytm wallets.
The company aims to build a directory of more than 800,000 offline merchants and partners, including banks such as ICICI Bank Ltd and Axis Bank Ltd.
In addition to this feature, the company is taking multiple steps to help people go cashless. “Goodbye, COD (cash on delivery) . We’re (Paytm) working with our courier partners to enable Wallet on Delivery, also known as Paytm on Delivery (POD)”, tweeted Vijay Shekhar Sharma, founder of Paytm, on Thursday.
To begin with, the company is listing more than 200,000 offline merchants and will add more later. In addition, these merchants can also carry out know your customer (KYC) check in case a user wants to get an amount of Rs5,000 and above credited in the wallet.
“This not only provides convenience to customers but also provides visibility to thousands of small and medium merchants by connecting them to millions of Paytm customers.” said the company in a statement.
The mobile payment and commerce platform, owned and operated by One97 Communications Ltd., claims to have a user base of more than 150 million and is soon expected to launch a payments bank.