After stepping in into various fields Paytm, India’s leading mobile wallet will now help you make payments for your parking as well!
According to DataQuest, Paytm has tied up with multiple parking management companies and property owners across the country to facilitate parking payment for vehicle owners. Prominent Merchants like SA Parking, Secure and DAPS are already live with select parking lots and plans to scale up quickly.
Parking hassles are generally faced when people are entering shopping malls, movie theatres, large business premises among other places. This move by Paytm will help consumers save time and effort while parking their vehicles. They will not have to stop in long queues or search for change to pay to the parking attendant.
Speaking on this, Kiran Vasireddy, Senior Vice President – Paytm said, “Waiting in long queues to make payments for parking and running around for change are common hassles for customers in India. The need of the hour is ease of payments and faster turn-around times; all of which is possible with cashless transactions. As India’s largest digital wallet, Paytm has the capability to bring the next step change in the parking industry.”
While Paytm has not made the official announcement or given details about how the whole thing will operate, it seems the whole transaction will be done via QR code and Barcode scanners.
In October of last year, Paytm had launched their QR code based cashless payment facility for offline shopkeepers and service providers. Any offline merchants who need to accept payments will have QR codes that will contain information in regards to their Paytm account details. Merchants have to simply print these QR Codes and stick it at an accessible place.
Any person who wants to make payment, can simply scan Merchant’s QR code and make payment. Once the payment is made, the merchant receives a transaction confirmation through SMS even on a basic phone.
In all probability, this is how Paytm payments will be made at parking as well. The Parking provider may choose to stick these QR Codes at the place of parking, where vehicle owner simply scans and make payments!
Last year we had asked a question whether mobile wallets can completely replace your physical wallets and the way things are going, it seems it may happen sooner rather than later!