Paytm today announced a new payment solution for people who don’t use internet on a regular basis. Called “Tap Card”, it will work in a similar fashion as debit and credit cards. With the introduction of Tap Card, Paytm gave India its first truly offline payments solution.
The Tap Card can be used at any of the authorized Point of Sale (PoS) terminals and will use NFC to transfer funds. This will enable Paytm to provide a smooth experience to those who don’t use the internet often. Since the Indian Government announced demonetization back in 2016, companies like Paytm have been working hard to enable digital payments across the country and this might be a big step in the direction.
We are aggressively pushing digital payments to users from every walk of life. There are a large number of people who at times do not have access to the Internet or they have a limited daily budget so they shy away from using online payments. For them, we offer the Paytm Tap Card to enable seamless offline payments. For ensuring a wider acceptance, we are also reaching out to the merchants and are actively enabling them with NFC PoS terminals to accept payments without Tap Card. This is a true testimony of our commitment to understanding the needs of our users and creating innovative solutions around it.
– Kiran Vasireddy, COO Paytm
While the payment system is completely offline users will need a phone with Paytm to recharge the card. The process, however, is simple. Users will have to add money from their Paytm account to their card by scanning the QR code printed on the card. The transfer can then be authenticated at any of the add value machines (AVM), following which users will be able to use the Tap Card to make payments.
Paytm is partnering up with many events, educational institutes and corporates to rollout Tap Card. If you’re interested in getting one for yourself then you can head to Yeldi and buy it for a one-time payment of Rs. 100.