Paytm, mobile payments and commerce platform is now set to put an end to long parking queues.
Parking in Indiais a Rs. 2000 crore market, less than 15% of which is organized. In a bid to streamline approach and obtain scale, Paytm has tied up with multiple parking management companies and property owners across the country. Prominent Merchants like SA Parking, Secure and DAPS are already live with select parking lots and plans to scale up quickly.
Through its unique payment solutions Paytm hopes to herald an era of easy cashless transactionsthat are convenient and safe, yet speeds up the check out process for bothcustomers and parking management companies
Speaking on this move, Kiran Vasireddy, Senior Vice President – Paytm said, “Waiting in long queues to make payments for parking and running around for change are common hassles for customers in India. The need of hour is ease of payments and faster turn-around times; all of which is possible with cashless transactions. As India’s largest digital wallet, Paytm has the capability to bring the next step change in parking industry.”
With this move,parking lots will provide users an option to pay through their Paytm wallets using QR code and Barcode scanners. Transacting through Paytm will reduce the effort of carrying small denomination cash for consumers. Merchants are equally excited about Paytm’s foray into parking management as it will greatly reduce the effort in cash management and will also arrests cash leakages at various levels.
This adds anotheruse case for Paytm users to transact digitally. Currently users canpay through Paytm at petrol pumps, autos, taxis, restaurants andun-organized retail stores as well.