Paytm Payments Gateway has announced that it enables mobile phone and DTH recharge retailers to make cashless payments for large-scale recharge purchases from satellite television and telecommunications service providers. This service promotes government digitization schemes and reduces cash flow in the system. Retailers usually pay cash to distributors for bulk cell phone recharges and DTH recharges. However, due to the ongoing epidemic, companies hope to digitize the process by reducing dependence on cash.
Paytm Payments Gateway has already signed an agreement with Vodafone Idea Limited as the exclusive partner of the telecommunications company for retail payments.
Paytm said it aims to get distributors of major DTH and telecom service providers to accept digital payments from retailers before the end of the year. Over the next year, the company will receive 500 million in business per month from these transactions. Abhay Sharma, Senior Vice President of Paytm, said in a statement: “Our Paytm payment portal enables retailers across the country to promote cashless transactions and digitize their operations. Our goal is to reduce dependence on cash and the time required to collect, reconcile and deposit it at dealer banks. We believe organizations across the country are now banking more on digital payments by reducing the flow of currency between businesses for seamless and transparent operations. We look forward to partnering with more telecom and DTH operators across the country.” Paytm Payments Gateway now powers V’s internal business application that enables its millions of offline mobile phone recharge providers to pay large amounts to recharge to company distributors.
Retailers can digitally negotiate with their respective distributors for the purchase of shares. All they need to do is log into the vi merchant app with their credentials, enter a large amount of reload value, and pay the dealer through the options provided by Paytm. This saves time for distributors in depositing cash, reconciliation and bank deposits. Digitizing everything and recording it online helps the company provide transparency throughout the process, according to the statement.
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