Pharmacies across India are going cashless with Paytm

India's largest mobile payment and commerce platform Paytm has partnered with the country's leading healthcare retailers to bring the faster and convenient payments through Paytm Wallet to pharmacies across the country.

It is eyeing 15-20 percent share in offline stores through similar partnerships in the O2O category.

Paytm customers can now pay for their medicines at 98.4 Degrees and Fortis Healthworld using the digital wallet. This comes at a time when the pharmacy market in India is projected to grow at a compound annual growth rate (CAGR) of over 8 percent from 2016 to 2021.

"Customers are often hassled for loose change while buying medicines at pharmacies. We are glad to partner with major pharmacy chains to bring the trust, safety and convenience of the Paytm Wallet to consumers across India. This would add to the customer's convenience and bring us a step closer to our vision of a cashless country," said Sr. Vice President - Paytm, Kiran Vasireddy.

"Paytm is defining customer convenience in the payments area and we at Fortis Healthworld are delighted to be partnering with Paytm to provide safe and easy wallet payment options to our customers in our stores," said CEO- Fortis Healthworld, Rahul Chadha.

Customers can now use the Paytm App to instantly transfer cash to the pharmacy's Paytm Wallet.

They can use their unique One Time Password (OTP) to successfully transfer the desired amount in a few easy clicks.

Paytm sees a huge opportunity to extend its convenient, fast and secure payment solution to brick-and-mortar merchants and other O2O spheres.