The e-commerce and mobile recharge company Paytm has partnered with the Bank of Maharashtra. Eventually, the customers can recharge their Paytm mobile wallet from the ATMs. The company is in the process of typing up with several leading banks in order to help the customers recharge their mobile wallets using the ATMs.
The Bank of Maharashtra customers can make use of their debit card to recharge their Paytm wallet. They can do it from any of the 1,800 ATMs of the bank across the country. Nitin Misra, the Vice President of Products at Paytm stated that they are in the process of establishing partnerships with several other leading banks. They will soon be making the announcements regarding partnerships.
The Noida based mobile payment company Paytm got the payments bank license and it does 75 million transactions on a monthly basis from 100 million users. The company is backed by Alibaba, the Chinese etailer and it expects to increase the total transactions happening on its platform with this move. Lately, Paytm partnered with Andhra Pradesh’s Miranda Stores letting people to walk to the store and recharge their Paytm wallet. It also planned a similar initiative with the ICICI Bank by recharging the wallet by walking into a bank branch. With these moves, the customers who suspect the net banking transactions will be benefited.
The debit cards outnumber the credit cards with a huge difference. As of May 2015, there are 21.48 million credit cards while the same is 570.8 million in the case of debit cards. This data was revealed by the Reserve Bank of India. The transactions made using the credit cards at ATMs accounted to 0.46 million and the same at the PoS is 60.13 million. On the other hand, there are 636.6 million debit card transactions at ATMs and 88.96 million PoS transactions.