Paytm, India’s largest online wallet service has tied up with several parking management companies to allow customers park their vehicles for free through their online wallet. It has already tied up with parking companies like SA Parking, Secure and DAPS and have 500 parking slots registered under them till date. They are collaborating and increasing the number of parking slots rapidly which can prove to be a very big relief for its users.
Paytm users can now pay for their parking through their online wallets through QR codes and barcode scanners.
“The need of the hour is ease of payments and faster turnaround times, all of which is possible with cashless transactions,” said Kiran Vasireddy, vice-president, Paytm.
The company aims to transform 25% of the total parking payments in the country into cashless payment by the next two quarters.
Data even indicates that parking in India is a 2000 Crore market, less than 15% of which is organized.
It’s not only Paytm, but Alipay which is Paytm’s biggest investor has also applied this move in China and has flourished. The company believes that the idea has got a huge potential in India as well.
In an effort to embed cashless payments in the country, Paytm has also tied up with other offline services including big retail outlets such as Aditya Birla Group’s food and grocery retail arm More, Cafe Coffee Day and Pizza Hut and Indian Oil petrol pumps. Other tie ups include several schools and colleges where students can pay their fees online. They have even tied up with several ‘paan’ shops and vegetable vendors across the country.
This can be counted as just another big move by the company in establishing cashless solutions in the country by tapping the offline market and its aim to reach four million merchants by the end of this year.
