Fintech Major Partners with Greater Hyderabad Municipal Corporation to Deploy 400 Card Machines for Property Tax Collection
The company has a market cap of over Rs 50,000 crore and the stock gave multibagger returns of 165 per cent from its 52-week low of Rs 310 per share.
Paytm has joined forces with the Greater Hyderabad Municipal Corporation (GHMC) to modernize property tax collection by deploying over 400 of its All-In-One EDC card machines. This initiative aims to streamline the payment process, offering citizens the convenience of paying their dues through various digital methods, including credit and debit cards, as well as Paytm's QR codes. This eliminates the traditional reliance on cash, cheques, and demand drafts, which often lead to processing delays.
The integration of Paytm's card machines with the GHMC app allows for real-time verification of pending dues, instant payment collection, and the generation of immediate confirmation slips. This system is implemented at GHMC collection centers and for door-to-door services, significantly enhancing the efficiency of tax collection. By facilitating faster and more reliable transactions, Paytm's solution helps GHMC manage the substantial property tax revenue, which averages ₹5-7 crore monthly and surges to ₹22 crore during peak periods.
Beyond this partnership, Paytm continues to innovate its payment solutions, focusing on user convenience and expanding its reach. Recent features include UPI statement downloads, UPI Trading Blocks for direct stock trade payments, and the ‘Receive Money QR Widget’ for quick transactions. Paytm also supports UPI Lite for small payments, RuPay Credit Card linking on UPI, and enables users to check bank account balances directly within the app. Furthermore, Paytm has broadened its global footprint, facilitating UPI payments in several international locations, including the UAE, Singapore, France, Mauritius, Bhutan, Sri Lanka, and Nepal.
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About One 97 Communications Ltd (Paytm)
Paytm is India's leading mobile payments and financial services distribution company. Pioneer of the mobile QR payments revolution in India, Paytm builds technologies that help small businesses with payments and commerce. Paytm’s mission is to serve half a billion Indians and bring them to the mainstream economy with the help of technology.
The company has a market cap of over Rs 50,000 crore and the stock gave multibagger returns of 165 per cent from its 52-week low of Rs 310 per share.
Disclaimer: The article is for informational purposes only and not investment advice.