Mobile wallets adoption is increasing at a rapid rate in India. More and more new players are coming up their own mobile wallet offerings. Back in December 2015, Mahindra Group launched its NFC based digital wallet. We also heard that Reliance would also be launching its Jio Money digital wallet very soon.
In a latest development, Uber, the world’s most valuable start-up, also announced its plans to launch its own digital wallet in India. Uber currently accepts digital payments through Paytm and Airtel Money while supporting other payment modes like card and cash.
Now, Adiyta Birla Group’s retail arm- ‘More’ has tied up with country’s largest mobile wallet company, Paytm. This means that you can pay at ‘More’ malls with your Paytm wallet. No need to swipe your card or make payment in hard cash.
The payment system is being tested for consistency and security since the last month, and will now be available at all 500 ‘More’ outlets throughout the nation.
This will not only improve your shopping experience, but will also add to your convenience and savings. You will earn cashback and discounts when you pay at ‘More’ outlets using your Paytm mobile wallet.
“Now, our customers can shop with ease and convenience through the use of their Paytm wallets and also earn discounts and cashbacks,” said Vishak Kumar, CEO at Aditya Birla Retail.
How Will It Work?
Shoppers will have to follow a very simple procedure for making a payment via Paytm. Here are the steps to follow:
Tell your mobile number that is registered with Paytm to the personnel sitting at the counter.
Now share the one-time-password (OTP) that you’ll receive on your phone with the counter executive.
Payment will be made when this OTP is entered into the retailer’s system. That’s it.
Isn’t it super easy and convenient?
With this payment option, your money remains safe until you spend it and also won’t have to arrange for change to be produced at the counter. You can also send your kid to the nearby ‘More’ mall and rest assured that he will not lose the money and will get what is needed.
This is just the beginning of the penetration of mobile wallet payments in India. I’m pretty sure that other mobile wallet provider will also follow suit and start a revolution while encountering their most formidable competitor, the Unified Payment Interface.
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