In order to strengthen its grip in the offline market and taking the habit of cashless transaction a step further, online payment turned eCommerce portal Paytm has now tied up with multiple parking management companies across the country to offer cashless payment solution to its consumers.
The Alibaba- backed firm has already tied up with more than 500 parking lots including merchants like SA Parking, Secure and DAPS, which are already live with select parking lots.
The idea is to provide users an option to pay through their Paytm wallets using QR code and barcode scanners.
Commenting on the same Paytm’s VP, Kiran Vasireddy said that the need of the hour is ease of payments and faster turnaround times, all of which is possible with cashless transactions.
The company is also planning to convert 25 per cent of the cash transactions in parking to digital payments in the next two quarters.
As per the data shared by Paytm, the parking in India is Rs 2,000 crore market, less than 15% of which is organised.
Not just parking, but the Noida-based firm has aggressively tapped into multiple other offline businesses such as paan shops, vegetable vendors and big retail outlets such as Aditya Birla Group's food and grocery retail arm More, Indian Oil petrol pumps, food chains such as Cafe Coffee Day and Pizza Hut, and several schools and colleges.
As per Paytm’s CEO Vijay Shekhar Sharma, the company plans to double its offline-merchant and 'kirana' store network to reach 4 million merchants by the end of 2016.