TECHNOLOGY Paytm Tap Card Launch
After revamping its app, Paytm has now introduced a new payments solution, Paytm Tap Card.
Paytm Tap Card uses near-field communication (NFC) technology to enable safe and convenient digital payments, completely offline at Paytm-issued NFC PoS terminals, in under a second.
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).
In a media statement, 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.
Commenting on the development, Kiran Vasireddy, COO, Paytm said, “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.”
The company is also partnering with events, educational institutes and corporates in the first phase to enable quick digital payments using this 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.