Paytm will now allow users to pay their traffic challans and municipal taxes. The traffic challan service is currently live in Mumbai, Pune and Vijayawada, and Paytm says it will be expanded to other cities soon. Currently, the municipal taxes payment feature is live only for Municipal Corporation of Gurgaon and allows users to pay their property tax.
Vehicle owners can now log onto Paytm, tap on ‘Traffic Challan’, enter their vehicle number, and after verifying the details, proceed to pay for the challan. The company added that it will generate a digital invoice and the customer’s surrendered documents will be dispatched via postal services by the respective police department.
Note that Mumbai, Pune and Vijayawada police have websites where people can pay their traffic violation challans as well.
Paytm has been steadily increasing the number of offerings it has.
– In April, it entered the employee benefits space and launched a Food Wallet where companies will be allowed to load food allowance to employees under the government’s approved tax redemption bracket.
– In the same month, it introduced gold purchases as its first “wealth management” product, allowing consumers to purchase gold online from MMTC-PAMP. MMTC is Government of India, public sector trading enterprise, and PAMP SA is a Swiss company and a bullion brand.
– In March, Paytm launched recurring billing services for companies through its wallet. The company is targeting video streaming apps, websites, newsletters and media companies for the new service. Developers will be able to use APIs, SDKs and Plugins to accept recurring payments from customers.
Funding: Last month, Paytm raised $1.4 billion from SoftBank Group Corp. This was one biggest investment from the Japanese Internet and Telecom major in any Indian startup and also the largest round raised by Paytm. The company said it plans to invest the fresh funding over the next three to five years in expanding the user base and towards Paytm Payments Bank. Previous funding included a September 2015 fundraise where Paytm had raised $680 million from Alibaba Group and Ant Financial services. At that time Alibaba had picked up 20 percent stake in the company. In February 2015, Ant Financial Services, one of Alibaba’s affiliate companies had acquired 25% stake in One97 Communications for an undisclosed amount.