Mobile payment powerhouse Paytm has agreed to partner with TaxiForSure, an Indian cab aggregator that wants all of its customers to make cashless payments.
Owned by e-commerce firm Alibaba, Paytm will integrate its mobile payment technology into TaxiForSure’s mobile application. Customers of the taxi service can now pay for their travel using the Paytm Wallet.
‘‘Eighty per cent of our bookings come from the mobile app and more than 35% of our customers use cashless wallet,’’ said Arvind Singhal, CEO of TaxiForSure.
Now that customers can use the Paytm Wallet to pay for their journey, changes have been made to TaxiForSure’s own technology. The application can be used for the gaining of store credits and company led promotion currency.
TaxiForSure is experiencing something of a comeback in the fiercely competitive Indian taxi market. Due to a loss of profits last year, TaxiForSure was sold to bitter rivals Olacabs, for an estimated $200m. Since the sale, the taxi firm has been aggressively spending on expansion and technology development.
Paytm is already familiar with the Indian cab industry. The mobile payments group teamed up with Uber last November after the taxi giants faced being shut down in India, due to violation of the two-step authentication mandate.
Using Ripple's enterprise blockchain solutions, Standard Chartered has completed its first real-time cross-border payment for businesses with another major correspondent bank.
Digital payments giant ACI Worldwide is teaming up with VocaLink for real-time payments infrastructure.
Fresh from its $4.5bn IPO, Nordic payments processor Nets has picked Spire as its partner to help with the physical roll out of mobile payments for Dankort customers.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.