Tag: 24×7

Paytm empowers users in Kerala to pay their electricity bills 24×7

Banking & Finance

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Digital financial services platform Paytm has announced that users in Kerala can now pay their electricity bill 24×7 on the platform.

The company has also announced an assured reward on every bill payment. Users paying the electricity bill for the first time on the platform will get a guaranteed cash back of up to ₹50.

A company spokesman said Paytm is a pioneer in electricity bill payments and has partnered with over 70 electricity boards across the country to serve millions of users in this segment.

Paytm leads India’s digital payments with 1.2 billion monthly transactions

Reminders through SMS

To bring more convenience to its users, it has recently enhanced its UI for electricity bill payments that takes less than a minute to complete a transaction. Users need to simply choose their State and service provider, enter their bill number or customer account number and then make that payment. The payment is instant, and users get a receipt on completion of bill payment. Paytm also reminds about the due date for payments through SMS and in-app notifications.

Telangana power regulator for rapid deployment of smart meters

Paytm, which has a 20 million-strong merchant base, is seeing more businesses extensively accepting payments online. Since April 2020, it has witnessed a massive surge in digital payments for electricity bills as more people avoid venturing out, standing in queues and, most importantly, touching cash in the Covid situation.

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RBI proposes 24×7 helpline for digital payment services

Banking & Finance

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The Reserve Bank of India on Friday announced setting up of a 24×7 helpline for digital payment services as well as enabling participation in CTS clearing across all bank branches in the country.

Noting that its Payment Systems Vision document envisages setting up a 24×7 helpline for addressing customer queries on various digital payment products, the RBI said the helpline will, in addition to building trust and confidence, also reduce expenditure on both financial and human resources, otherwise incurred for addressing queries and grievances.

“The major payment system operators would be required to facilitate setting-up of a centralised industry-wide 24×7 helpline for addressing customer queries in respect of various digital payment products and give information on available grievance redress mechanisms by September 2021,” said the Statement on Developmental and Regulatory policies.

Going forward, the facility of registering and resolving customer complaints through the helpline shall be considered.

Further, to manage the attendant risks in outsourcing and ensure that a code of conduct is adhered to while outsourcing payment and settlement related services, the Reserve Bank shall issue guidelines to operators and participants of authorised payment systems.

Meanwhile, the RBI has also proposed to bring all bank branches under the Cheque Truncation System (CTS) clearing mechanism by September.

Separate operational guidelines will be issued in a month’s time, it said, noting that this would help bring operational efficiency in paper-based clearing and make the process of collection and settlement of cheques faster resulting in better customer service.

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