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Mobile commerce company Paytm has tied up with Indian Oil (IOCL) to let users pay for vehicle fuel at petrol pumps through Paytm wallets in Delhi. The company expects to roll out this service across all of IOCL’s Delhi petrol pumps and select pumps in other metros by the end of this month. It will decide its expansion based on the feedback it gathers and plans a nationwide roll out.
This move, the company hopes, will eliminate the need for cash at petrol pumps in the next few years and bolster the use of digital payments. IOCL, on the other hand, expects a quicker turn around for fuel filling and boost its productivity.
As of now, Paytm claims to have a wallet user base of 120 million and says that 20,000 merchants accept payments via Paytm. In August, it claimed to have crossed 100 million users in the country, while carrying out over 75 million transactions per month.
IOCL’s recent developments:
– In December, radio taxi provider Meru Cabs partnered exclusively with IOCL to promote carpooling and create awareness around it across Meru’s operational cities in India.
– In September, online cab aggregator Ola partnered with IOCL to provide its drivers cashbacks of Re 1 for every liter of fuel filled at IOCL stations across India.
Paytm’s recent developments:
– Last month, the company appointed Varun Khullar as head of partnerships for its payments bank.
– It tied up with IRCTC to let IRCTC passengers use Paytm to pay for e-catering services, in addition to the currently existing online payment and cash on delivery modes.
– The company partnered with ICICI Bank to launch virtual prepaid cards which could be used by wallet users at both offline and online stores for purchases.
– In November, Jugnoo, a hyperlocal delivery and auto rickshaw hailing app, raised an undisclosed amount in a series B round of funding from Paytm.
– In October, Paytm entered into partnerships with various insurance companies including ICICI Prudential Life, Religare Health, Reliance Life and Reliance General to aid the payment of insurance premiums online through its wallet.
– In September, Zomato integrated with Paytm, to let its users pay with the Paytm wallet for its online food ordering service.