Paytm has launched a new payment mode, Tap Card, that it is promoting as India's first "truly offline payments solution." It is a card that uses NFC to transfer money on company-authorised Point of Sale (PoS) terminals, and is aimed at non-Internet users.
The Paytm Tap Card uses enables safe and convenient digital payments with the help of NFC, completely offline at Paytm-issued PoS terminals in under a second, the company says. To make payments, users can add money from their Paytm account by scanning the QR code on the Tap Card and by authenticating it at any of the add value machines (AVM). It also addresses any network-related concerns at the consumers' or merchants' end.
Paytm is partnering with events, educational institutes and corporates in the first phase to enable quick digital payments using the Tap Card. The customer has to simply tap the card at a merchant terminal to pay, offering them a mode of payment through Paytm even while they are not carrying their phones.
"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. This is a true testimony of our commitment to understanding the needs of our users and creating innovative solutions around it," said Kiran Vasireddy, COO of Paytm.
Disclosure: Paytm's parent company One 97 is an investor in Gadgets 360.