Kiran Vasireddy, Sr. Vie President – Paytm said, “We are on our mission to make India a cashless economy and we want people to pay their utility bills and other essential services using wallets . Our partnership with Indian Oil is a very important step ahead in getting petrol pumps become cashless in the next few years. It will not only bring in more efficiencies in petrol pump operations but also will enhance consumer convenience by allowing them to buy fuel regardless of the amount of cash they are carrying and will be of great help to them in emergency situations. This move is likely to further bolster the consumers’ propensity to migrate to digital payments.”
Senior IOCL official said, “We are pleased to associate with Paytm, the country’s leader in virtual payments solutions. Not only is our partnership going to be of immense assistance to our consumers, it will also increase turn-around times at our filling stations and help us boost our productivity. This partnership is the way of the future and we are certain that it will be a great hit with customers across demographic profiles.”
The Paytm wallet has a user base of over 120 million customers, the largest user base in the mobile wallet category today. It has also tied up with over 20,000 merchants that accept payments via mobile wallets to acquire a greater share of the digital payments market and become the perfect alternative for cash wherever possible.