Paytm feature to help users locate nearest merchant in app during demonetization aftermath

NewDelhi,Nov12:Paytm has introduced a new feature called ‘Nearby’. This feature currently lists over 200,000 merchants, and Paytm promises to have over 800,000 merchants in a short time. With this feature, users will be able to easily locate stores that accept Paytm, and the ‘Add Cash’ feature points to the nearest ICICI and Axis bank branches, where one can get cash loaded onto their Paytm wallets. There is also an option called ‘Upgrade your Wallet’, which lets users become a Paytm VIP and by doing KYC at the nearest Paytm agent.

“At Paytm, our approach has always been to build an ecosystem that benefits both merchants and customers. I am confident that while our customers will appreciate the increased convenience of finding Paytm services near them, our merchants and partners will value the exponential increase in visibility and new business ‘Nearby’ feature will bring. This is a great example of how mobile technology can drive business across the retail industry by redefining the hyperlocal space,” Sonia Dhawan – DGM Paytm said.

Paytm has a user base of over 150 million, and it recently announced that less than 24 hours after PM Modi’s announcement it recorded an increase in traffic by 435 percent. App downloads were up 200 percent, there was a 1,000 percent increase in users adding money to their wallets, which resulted in a 400 percent increase in offline payment transactions and 250 percent in overall transactions.

Going forward, Paytm aims to touch 4 million offline merchants by March 2017, and plans to hire over 10,000 agents to expand its offline merchant network. The company today also announced the acquisition of Delhi-based Shopsity to further strengthen its O2O network for small retailers. “Paytm is doing phenomenal stuff in the offline commerce space, and we are very excited to join the team and build a platform that enables small retailers to ride the digital wave. Millions of retailers are using Paytm to accept payments today, and we’re working hard to bring an entire suite of digital services to them,” Danish Ahmed, co-founder at Shopsity said