In what was so far a cash-only sector, Paytm has now enabled cashless payments for unreserved bus tickets as well. Meaning, travellers can now pay at inter-city bus counters with their Paytm Wallets. The move is being hailed as ‘revolutionary’ as the sector has been largely unorganized and despite the advent of digital payments through credit and debit cards, it is still dominated by cash.
Paytm, who is on a mission to bring half a billion Indians to the main stream of the economy using mobile payment, commerce and soon to be launched payment banking services, claims to currently have a user base of more than 140 million. The company is trying to make commuting more convenient by making the ticket booking process more efficient, faster and hassle-free. Users can send the exact amount for their bus tickets by simply scanning the QR Code, making the entire process digitised with records of transactions at zero transaction fees.
Since Paytm is looking to make cashless transactions a way of life across all consumer segments and demographic profiles in India, the company is looking to gain partnerships with more state-owned and private bus operators. As of now, state transport undertakings (STUs) like Rajasthan and Uttarakhand accept Paytm.
Kiran Vasireddy, Vice President – Paytm said, “With this use case, Paytm has achieved a breakthrough in bringing digital payments to the unreserved bus ticketing sector. This is only a sneak peek into how the convenience of Mobile Wallets can revolutionise the transport sector.”