Paytm Debuts Their Financial Services With Manappuram Finance And Muthoot Fincorp; Oxigen Launches Super PoS Device
Customers of Manappuram Finance And Muthoot Fincorp can now repay their loans using Paytm app. After receiving RBI approval to become a payment bank, Paytm has now officially debuted with their financial services business with this partnership.
To start with, all Gold loan customers from Manappuram & Muthoot will be able to avail Paytm’s repayment services using their app. As per a press release, Paytm will aggressively enter into the financial service niche in the coming two weeks.
Kiran Vasireddy, Senior Vice President, Paytm said, “We are excited to launch financial services which will enable us to tap into the ripe market for online financial transactions in India.”
As per Paytm, financial service niches is under-performed from a technology point of view, and they are all set to “disrupt the space with our technology infrastructure”
Beta version of their new diversification portfolio is already ready, and they will get the balls rolling with their existing database of users.
As per another press release, Paytm has also launched an app store, wherein users can download other apps such as Uber, Truecaller, CarWale, Ola Cabs, Cleartrip, Twitter, MakeMyTrip, Voonik among many others. Soon, gaming and entertainment apps will also grace this app store. This new app store has been launched in partnership with InMobi.
The story of Paytm, which started as a humble mobile recharge app has now transformed into an epic mobile commerce platform which offers its customers virtually everything under the sun. Right now, 100 million+ customers of Paytm carry on more than 90 million transactions every month.
Recently Paytm became Indian cricket team’s title sponsors by paying Rs 2.42 crore for every match till 2019.
Oxigen Services To Launch Super PoS Devices
Oxigen Services has launched world’s first super Point of Sales (PoS) devices which unifies three different financial niches into one: Financial Inclusion Industry, Card payments Industry and Recharge/Bill Pay Industry.
As per Oxigen, this PoS device, also defined as micro ATM, has been recommended by The Indian Bank Association (IBA) through a global bid.
In a move which will aid PM Modi’s Jan Dhan Yojana, this super PoS device will be upgraded to include details of more than 2,00,000 locations all over the country.
Some features of this Oxigen Super PoS:
- Works as a Micro ATM as per UIDAI/NPCI specifications
- Biometric Reader for Aadhaar transactions & eKYC
- Built NFC- Tap & Pay
- Debit Card & Credit Card acceptance (Rupay / VISA /Master Card both magnetic swipe & SmartCard facility)
- Certified to global payment standards for cards i.e. EMV L1/L2 & PCI 3.0
- GPRS with a Sim Card Slot and 2 Smart Card slots.
- LAN and Wifi options as well as a Built-in Printer for Customer Receipts.
Oxigen Services were expecting to get included in the Payment Bank list, which was recently released by RBI. As per Pramod Saxena, Chairman & Managing Director, Oxigen Services, “Oxigen has worked hard and toiled to develop an ecosystem that RBI guidelines prescribed as desirable conditions. We have a track record of payments and remittances that very few can match. The Nachiket Mor Committee in its report of 2014 recommending setting up of payments bank quoted Oxigen as one of the nested payments bank. Oxigen was one of the few to successfully demonstrate Aadhaar enabled cash out as part of the 4 month pilot awarded by The RBI.”
Despite the set-back, Oxigen has not stopped their relentless focus on aiming higher goals within the financial sector; and their new Super PoS is the right step in the right direction.