Paytm is coming up with a new technology which will enable their users to make transactions in the zero connectivity zones. This is a good news for customers in a flight (aircraft), train and rural people who face a connectivity problem.
The e-commerce firm has been working on this new system for last one year. They are trying out with models, QR codes, one time passwords and sound based payment to make the offline system work. It is making every effort so that loss of connectivity does not become a handicap in making a transaction.Customers do not need any extra hardware to use this facility, they can easily do it with the Paytm application or even a smart phone.
The group has got a bank license from the RBI in August last year and has come up with its offline system which has done almost 3.5 million payments per month.
Payment products head, Paytm, Nitin Misra said to The Economic Times “The moment one party or both come online, the account balance as well as the transaction details will be automatically synced”.
He also mentioned that “Paytm is looking at significantly expanding its network to make payments possible at most offline outlets including petrol pumps, highway tolls, retail and food outlets. The new offline technology will open new avenues for the company such as payments inside in-flight aircraft, trains etc”.