Go cashless: Paytm ties up with 500 parking lots to let you park cars without cash

Paytm, which is based in Noida and has emerged as India's largest wallet provider, has tied up with multiple parking-management companies across India, so that it can offer cashless payment solutions to its users in more than 500 parking lots. As a result of this, parking lots will provide Paytm users an option to pay through their wallets using QR codes and barcode scanners.

It is another important step in what seems like the company’s vision to make its users’ lives totally independent of hard cash.

"The need of the hour is ease of payments and faster turnaround times, all of which is possible with cashless transactions," said Kiran Vasireddy, Paytm’s VP. They aim to turn 25% of the parking transactions to digital payments in the coming six months.

Interestingly, Alipay, which is Paytm's largest-investor, also offers such digital parking facilities to its users in China, and Paytm thinks that this move has a lot of the potential in the untapped and unorganised parking industry in India.

Also read: Exclusive: Paytm founder-CEO Vijay Shekhar Sharma talks about his plans to go global

Other areas where Paytm has entered and made its users independent of cash include 'paan' shops, vegetable vendors and big retail outlets such as Aditya Birla Group's food and grocery retail arm More, Indian Oil petrol pumps, food chains such as Cafe Coffee Day and Pizza Hut, and several schools and colleges, other than being able to buy online movie tickets.

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