JioPhone 2 sale today: Sale details, Paytm cashback offer & more

Priced at Rs 2,999, the JioPhone 2 is a 4G LTE-enabled feature phone that runs on KaiOS, which now supports popular social media and instant messaging apps

Technology News: Priced at Rs 2,999, the JioPhone 2 is a 4G LTE-enabled feature phone that runs on KaiOS, an operating system for feature phones that supports popular social media and instant messaging apps.

The phone will go on sale today at 12 noon on Jio online portal (jio.com). The sale is a part of Jio festive sale, which starts from today and continue until November 12. In partnership with Paytm, Jio is also offering a flat cashback of Rs 200, which brings down the effective cost of JioPhone 2 to Rs 2,799.

JioPhone 2 Features

The JioPhone 2 sports a 2.4-inch screen horizontal screen, making it convenient for watching multimedia content. It features a full QWERTY keyboard with 4-way navigation key and a dedicated key for voice commands. The phone boots KaiOS with support for apps such as Facebook, YouTube, Google Maps and WhatsApp.
The 4G LTE-enable feature phone supports VoLTE call feature, which allows voice calls using data packets. It also supports voice command feature, which allows hands free operations to make voice calls, messages, music and video playback, etc.

Get full Sale Details here: JioPhone 2 Sale

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News Source: BS & Business Standard

Google Pay India sharing payments data with group companies and third parties: Paytm

This is not the first time Paytm has called out an international firm over data and payments issues.

Vijay Shekhar Sharma-owned fintech major Paytm has alleged that payments platform Google Pay is violating guidelines by sharing data with its group companies and third parties, and also using it for advertising purposes.

Google Pay’s privacy policy states it collects, stores, uses, and discloses users’ personal data for advertising and promotional purposes, Paytm claims in its letter to National Payments Corporation of India (NPCI).

Google Pay India

“We would like to highlight a very important fact that Google Pay, which is an un-regulated payments platform, has the scope of using their customers’ data for their monetary gains with complete disregard of the user’s need for privacy. The critical payments data collected by them is being processed and stored outside of India, which can have severe security implications in case of a data breach as their policy states that this data is also being disclosed with advertisers and third-parties,” reads the company’s letter.

One97 Communications, the company that owns Paytm, said on several occasions it stored as well as processes user data onshore. “India is in the process of drafting its personal data protection bill. Against this backdrop, it is of utmost concern that global companies are sharing Indian users’ personal data among group companies,” the company wrote in the email.

↓↓↓  Read the Full News here  ↓↓↓

Google Pay Payment Data

Paytm to launch mutual funds, insurance, banking services via payments bank

The firm, owned by One97 Communications, is also providing the option to transact offline with a physical debit card.

Business News : Mobile-first fintech major Paytm is planning a major push in the financial services sector. In the following couple of months, the Vijay Shekhar Sharma-led company is planning to launch services including mutual funds, general insurance, life insurance and a number of banking services via its payments bank.

The firm, owned by One97 Communications, is also providing the option to transact offline with a physical debit card. “There is a lot of interest among consumers for physical debit cards. Within a time period, we have received orders from 850 towns. We are in the process of setting up banking outlets that will provide deposit, cash withdrawal, money transfer and other permitted banking services to the segment of customers who require assistance,” said Renu Satti, managing director and chief executive officer, Paytm Payments Bank, said.

The company is set to add more than 100,000 Paytm banking outlets to expand the reach of its banking services. It has committed $400 million over the next three years to expand offline distribution network by allowing trusted local partners to act as potential cash-in and cash-out points.

“Some of the services, especially wealth management, lending and insurance, will be provided in partnership with other banks and financial institutions after due regulatory approvals,” Satti said.

Paytm Money, the company set up recently to deal in money market fund, is in discussions with asset management companies to offer direct mutual fund investments.

Initially, the company will not charge any fee or commission from users who invest in mutual funds via Paytm Money. The company, however, is keeping plans under wraps and has not yet revealed if it would set up a separate app for the services.

→ Paytm Mutual Funds , Paytm Insurance  ←

70% of train tickets booked on Paytm are from Tier-II and III cities

Ahmedabad, Kanpur, Chandigarh, Varanasi, and Allahabad come out as 5 top Tier-II, Tier-III markets

 

 

Recent data by Paytm show that more than 70 per cent of all train tickets booked on Paytm over the past year is from Tier-II and Tier-III cities, in a sign of the increasing reach of digital transactions in non-metro regions after demonetisation.

The study was conducted based data from more than two million rail tickets booked on Paytm over the past year. It was found that while the average ticket size in Tier-I cities is Rs 530, in Tier-II cities it is only Rs 350, pointing at semi-urban and rural India’s price sensitivity. Interestingly, 70 per cent of women booked their train tickets more than a week in advance, while the same was applicable for a mere 30 per cent of men.

"In recent months, Paytm has witnessed exponential growth in travel with more than 10 million tickets sold in financial year 2017. Our five biggest Tier-II and Tier-III markets are Ahmedabad, Kanpur, Chandigarh, Varanasi, and Allahabad. This year, the company is aiming to be the country’s largest destination for all travel booking needs," the report said. Paytm is the first horizontal e-commerce major to enter into the travel business, a domain that was dominated by vertical players.

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On the right track

• The five biggest Tier-II and Tier-III markets are Ahmedabad, Kanpur, Chandigarh, Varanasi, and Allahabad

• The average ticket size in Tier-I cities is Rs 530, while in Tier-II its only Rs 350, pointing at semi-urban and rural India’s price sensitivity

• Seventy per cent of women booked their train tickets more than a week in advance, while the same was applicable for a mere 30 per cent of men

• In recent months, Paytm has witnessed exponential growth in travel with more than 10 million tickets sold in FY17

• The top preferred routes by passengers this summer include New Delhi–Lucknow, Visakhapatnam–Secunderabad, New Delhi–Kanpur, Chennai–Bengaluru, Ahmedabad–Surat and Pune–Solapur.

(read more...)

 

E-wallets to the rescue: How to turn credit card money into hard cash

And it is free if done through e-wallets. But wallet companies can block repeat offenders

 

Latest News - A few weeks earlier, Paytm had started charging its customers a two per cent fee for adding money to the wallet using their credit cards. However, the mobile wallet company withdrew the fee after a week, saying it would cause inconvenience to a large section of their customers.

So, how does one transfer credit card money into a bank account via an e-wallet? The mechanism is quite simple. A user sends money to the wallet through his credit card, say Rs 15,000. Well-established mobile wallets such as Paytm, MobiKwik and FreeCharge allow funds in the wallet to be sent to any bank account. All the person has to do is enter his account number and the National Electronic Funds Transfer (NEFT) code. He can send the entire Rs 15,000 to any bank account he wishes to. 

Most wallet companies don’t allow transfer of funds immediately. One can send the money to a bank account only after 48 hours. The best part: There are no charges on deposit or on withdrawal of money from the wallet. The wallet provider bears the cost. 

It’s a smart way to get a hassle-free loan. An individual does not need to fill up an application form, share documents, wait for the approval, and so on. There’s no fear of rejection because of a low credit score. It can also be at zero cost if the person pays back the issuer before the due date. To many, it may look line an easy credit line, but it’s not.

A few do it to earn points on their credit card without actually spending on anything. But banks have to report to the income-tax.(read more...)

Paytm crosses 200 million wallet user base

Since demonetisation the company claims to have made rapid strides in the online wallet sector

 

Latest News - Mobile wallet major, Paytm announced today that its user base has crossed 200 million users. The company said that within three years of launching the Paytm Wallet, it has become most widely used and accepted payment method in the country.

Since demonetisation the company claims to have made rapid strides in the online wallet sector by laying stake to the top position. In the last 12 months, the company has managed to launch a variety of offline services, which have increased the usage of phones at various points.

Paytm wallet has moved from just mobile phone and DTH recharges, electricity, gas and water bill payments, to using it at milk booths, grocery stores, pharmacies and parking among other places.

"Reaching 200 Mn registered users and more than half a million users on a daily basis is a great showcase of the country's trust in our payment solution and reaffirms our belief in the need for a quick and easy cashless payment method. Going forward, we would continue to drive strong consumer-focused innovation in the category to reach the widest set of merchants and consumers in India," said Deepak Abbot, senior vice-president.(read more...)

Paytm launches online marketplace app - Paytm Mall

Paytm Mall aims to offer a combination of the Mall and Bazaar concepts to Indian consumers

 

 

Breaking News : Paytm E-commerce on Monday announced the launch of its new Paytm Mall application on Android.

Paytm Mall aims to offer a combination of the Mall and Bazaar concepts to Indian consumers.

"Only trusted sellers passing strict quality guidelines and qualification criteria will be allowed on the 'Mall'," Paytm said in a statement here.

All products listed on the mall will also go through Paytm certified warehouse and shipping channels ensuring guaranteed consumer trust, it said.

"We have defined quality criteria for sellers and are building strict controls over warehousing and shipping for products sold on Paytm Mall. Consumers would continue to get the largest assortment of domestic and international products through Paytm Bazaar, which will also be featured on the new app," said Saurabh Vashishtha, Vice President - Paytm.

The Bazaar is an unstructured shopping channel on Paytm that will also be featured on a new application, it added.

Paytm Mall has over 17 fulfilment centres across the country to offer consumers an efficient online shopping experience.

The platform would also offer sellers the widest reach through its vast network of over 40 courier partners, it said.

The Paytm Mall would also launch an ungraded version of the Paytm Seller app, available in 7 regional languages allowing anyone with a smartphone to set up an online shop on Paytm Mall.

Paytm Mall is available on Android, and lists over 68 million products sold by 1.4 lakh sellers spread over 1000 cities and towns across the country. The iOS app is expected soon. (read more...)

Demonetisation: Are your digital transactions secure?

There are no easy solutions regarding securing oneself in the cashless digital world

Latest News -  Paper money is becoming passe as the year comes to an end. The New Year brings in the promise of India going cashless with the population of 1.3 billion being pushed into a digital economy.

Today many users are being exposed to plastic money for the first time. Even the most learned people make mistakes in the digital world and that can prove very costly. Hence, for first-time users, it is a minefield out there and negotiating it needs a lot of tact.

Earlier this year, 3.2 million credit and debit card details, with a bulk of them from India's largest banker the State Bank of India, allegedly got compromised and till date, the investigating agencies have not been able to make much headway.

In a country where, according to UN figures, about 287 million adults are still illiterate how safe is it to indulge in cashless transactions?

Read Article Source>>>

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Paytm's in-app POS system: How it works

Ever since Prime Minister Narendra Modi announced demonetisation of higher old currency notes, Paytm has been exploiting the opportunity at a breakneck speed to capture and disrupt a large part of the market with its e-wallet.

Recently, the online payments company launched a feature for its mobile wallet app that allows shopkeepers to accept payments via credit cards and debit cards. The app was an immediate hit amidst much fanfare. This latest feature is supposed to eliminate the need for a physical point-of-sale (PoS) terminal or a card swipe machine.

How does point-of-sale (PoS) system work?

Point-of-sale (PoS) system allows merchant transaction via credit and debit cards. The POS component interacts with the Card component to obtain necessary credit card information to complete a sale. Hence with Paytm's new App POS, merchants will be able to accept debit and credit cards using the App without having to buy a card swipe machine.

Paytm’s POS is limited to those merchants who have a smartphone, a working Internet connection and the app

It is quite simple to use this app:

* After generating the bill, the shopkeeper will give his/her smartphone to the customer to enter the card details.

*After a user has a typed in their card details, Paytm takes them to the bank’s website for the two-factor authentication

* Customer will then get an OTP (One Time Password) on their device.

* The generated OTP will have to be entered in the shopkeeper's device. Thus, the transaction is complete. 

* Essentially, a user will have to rely on the bank’s network for the transaction to get through.

Read Source>>>

Cash-short payment options grow

Quickly changing tack and game plan, online marketplaces and mobile wallets, 48 hours since the announcement of banning Rs 500 and Rs 1,000 notes, have been busy pushing old and new digital payment options.

The aim is to hold on to their cash-based customer base, as well as maintaining their gross merchandise value targets.

Online mobile wallet major Paytm is adding a feature of geo-locating all the offline points where their wallet is accepted. Snapdeal is now accepting payments via their mobile wallet, Freecharge, on delivery of the product.

With the cash on delivery (COD) customer base accounting for 60 per cent of total transactions, online marketplaces are eager to retain this customer base but minus the hassle of getting the cash back into the company. So, instead of COD, they are opting for mobile wallet on delivery, so that people who have stopped shopping as they are staunch believers of COD can have the satisfaction of paying only when they get the product at their doorstep. This, it is hoped, would help online marketplaces get back the customers they fear losing.

READ SOURCE>>>

Paytm payments bank to miss Diwali date

Mobile wallet company Paytm is likely to miss the Diwali target for commercial launch of its payments bank as it is still awaiting the final clearance from the Reserve Bank of India (RBI).

“We’re awaiting the final application approval from RBI. We have everything ready. As soon as the approval comes, we will do a ‘beta’ launch of the bank, which is within the company. By the end of the year, we will have a commercial launch of the payments bank,” Vijay Shekhar Sharma, founder and chief executive officer of Paytm, told Business Standard in a telephone interview.

Paytm has shifted its deadline for opening its payments bank thrice since April. Sharma, who has got the licence in his name, is expecting the launch by the year-end.

Paytm, which was among the 11 recipients of payments bank licence, plans to start the project with an initial capital of Rs 300 crore. After the initial euphoria, three out of the 11 recipients withdrew their applications. However, Paytm hopes to make it one of the biggest businesses in its portfolio and the second largest revenue earner after wallets.

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Digital signature can make life easier

With the Reserve Bank of India permitting payments banks and small finance banks to rely upon electronic authentication while opening accounts and for other transactions, there is an incentive for more people to get digital signatures.

It will help reduce costs and bridge the gap between the customer and service provider, says Paytm Payments Bank chief executive Shinjini Kumar.

One way of electronic authentication is through digital signatures, which can be obtained from certifying authorities. Individuals use them for electronic filing of income tax returns.

A digital signature eliminates the need for exchange of documents to complete any transaction. It is also used by heads of companies while applying for loans, among other things. But there is a cost involved. It can range from Rs 1,000 to Rs 2,000, depending on the kind of signature and the validity. It is valid for one or two years and has to be renewed after that.

The kind of signatures varies depending on the security. For instance, Class-I signature will confirm the user's name and email address. Class-II will confirm that the information provided by the subscriber does not conflict with information in consumer databases. Class-III will be issued only if the individual appears before the certifying authorities. To get a digital signature, customers need documents to show proof of identity and proof of address.

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