Paytm's New Venture

From what goes around in the news, it seems kirana shops are big on demand. Not only e commerce firms but several online wallet companies are trying to join hands with them and reserve their position in the near promising Indian market.

Companies have nowadays started attracting retailers and consumers through their new launches and initiations. Few of them like Mobikwik and Paytm have taken a smart step by getting themselves associated with local kirana shops of rural and semi urban areas i.e they are basically underserved areas.

From the recent reports, these companies have started motivating consumers to move their money into wallet money at the nearest kirana stores. They are basically targeting the rural clients. They are essential for convenience and market size. This will enable the use of digital payment among users who are reluctant or unable to access them.

This online wallet and payment company has partnered with NumberMall in Hyderabad, to bring 15,000 kirana stores in its network in the form of cash points, where users can easily recharge their Paytm wallet. This initiative will help students who don’t own a bank account and are always active on smartphones. They mostly rely on cash back offers and reward points for online shopping.

Other Rivals

• Mobikwik has taken a similar initiative by tying up with e commerce player Store King, who is involved in dealing with mobile recharge stores of rural areas of southern India.

• Citrus Pay has started running with 30 kirana stores, to accept money payment through their own Citrus Pay Wallet. "We are trying to understand the usage pattern for customers in rural areas and to ease converting cash into wallet money. We are working on a model in Delhi and Mumbai, which will be soon launched in other cities where users can click a button on the Mobikwik app and get their wallets recharged on payment of cash to an agent at their doorstep," said Mrinal Sinha, COO of Mobikwik.

Paytm has 100 million wallet users, while Mobikwik has 20 million wallet users. Gillespie said digital wallets have the capability to exclude banks if the wallet accepts cash payments for reload.

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