Soon, use Paytm to shop as well

Indian mobile commerce player Paytm on Tuesday launched Paytm Cash - a semi-closed wallet for online shopping. This will allow Paytm users to use Paytm Cash for paying postpaid mobile, landline, data card and utility bills. Also, Paytm will soon enable its customers to use this new wallet to shop on other websites as well.

Primarily, there are three kinds of wallets in India. Closed, semi-closed and open. A closed wallet is issued by merchants for their own products and consumers. Open wallets are issued by banks. A semi-closed wallet, meanwhile, can be used across merchants or websites.

Services such as Airtel Money and Itz Cash are other semi-closed wallets available in India.

Speaking on Paytm Cash, Paytm Chief Executive Officer Harinder Takhar said, "This milestone should increase wallet adoption by our users to higher levels. It will increase the convenience offered to customers, and we are soon adding education fee payments and a host of other items."

What makes Paytm Cash different? Now, any online merchant in the country would be able to accept Paytm Cash as a mode of payment. An online store will be able to refund your money instantly, and one can use it on any website that accepts Paytm Cash.

Another unqiue thing about Paytm Cash is its Fast Forward feature that allows users to complete their transaction in a single click, or in other words, under 10 seconds. To make things easier, Paytm Cash has been integrated with the Paytm application as well.

Paytm expects more than 100 of its current 250 online merchants to start accepting the wallet in January itself.