It just seemed yesterday that the wallet meant a folding leather case to carry credit and debit cards, and a wad of currency notes. Now, it has a new dimension — the mobile wallet, which resides inside your phone, and can be used for recharges, paying utility bills and even for shopping.
Icing on the cake — this wallet has now found a wider use in the lives of students across India.
Paytm, India’s largest mobile wallet company that claims to have 110 million wallets,is taking its cashless solution to campuses, making it easier for students to pay fees, buy books, order food, among many other things.
The subsidiary of erstwhile value-added-services firm One97, and promoted by Vijay Shekhar Sharma, wants to change the way people pay, and digitising campuses helps in moving towards that goal.
It is tying up with over 100 schools and colleges, including Delhi Public Schools, Indian Institute of Technology, and management institutes like XLRI.
“What we are fighting is cash transactions and that’s our motto,” said Kiran Vasireddy, senior V-P at Paytm.
Some of the institutes are implementing it in a phased manner. For instance, Indraprastha Institute of Information and Technology (IIIT) has allowed its shops inside the campus to use wallets.
“We are using wallets in Café Coffee Day, the stationary shop, the juice corner, the canteen and for monthly mess services. If this is successful, we will extend it in fees submission as well,” said Kapil Chawla, finance head at IIIT.
For some it is also a branding opportunity.
Rajeev Gupta, director – admission at Sharda University, say, “we get some branding, as the Paytm portal has millions of users.”
Gupta is happy that Paytm is talking about giving cashbacks and other offers to as students.
“The more you spend, the more benefits you get… We will come out with special offers, and these offers will be extended time-to-time,” said Vasireddy.
According to Paytm’s estimates, 72% of the students in 100 universities are already using the app.