Mobile commerce platform, Paytm has teamed up with Indian Oil fuel stations to allow payments through the Paytm wallet at petrol pumps.
D.K. Sharma, Executive Director (Retail) - Indian Oil Corporation Limited (IOCL) announced this tie-up at Irwin road service station in Delhi.
All pumps in Delhi along with selected pumps in other metros are expected to go live by end of February, post which the team expects to scale up the offering to rest of the country as well. The move eliminates the hassles associated with using cash for paying fuel bills and also further cements Paytm’s stronghold in the digital wallets space in the country.
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, “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.
