Who Needs Cash To Pay For Parking Anymore?

Who Needs Cash To Pay For Parking Anymore?
Image credit: Shutterstock
Former Staff, Entrepreneur India
2 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

There aren’t many places left in this country where you wouldn’t find a ‘Paytm accepted here’ sticker pasted on shop doors. The phenomenon is reaching far and wide.

The largest wallet provider in India, Paytm has tapped another unclaimed market with its tie up with multiple parking-management companies. With this, consumers will now be able to offer cashless payments for parking as well.

Embarked on a journey to expand the use of cashless payments across the country, Paytm has already tied up with more than 500 parking lots, which includes merchants like SA Parking, Secure and DAPS, which are already live with select parking lots, according to economic The procedure will be same as other Paytm payments where you pay using QR code and barcode scanners.

"The need of the hour is ease of payments and faster turnaround times, all of which is possible with cashless transactions," said Kiran Vasireddy, vice-president, Paytm to Economic Times.

Paytm’s growth over the past months has been an aggressive one. They have extensively worked on expanding its offline market by including 'paan' shops, vegetable vendors, ‘kirana’ shops, providing hyper local delivery services and also covering food chains, petrol pumps and what not.

Including parking payments to this list, they wish to claim the Rs 2,000-crore parking market in India.  The company said it plans to convert 25% of the cash transactions in parking to digital payments in the next two quarters.

Leading by example, Paytm has definitely learnt from its largest-investor Alipay who offers parking payments as one of its wallet use cases in China. This goes directly in line to fulfilling their goal to double its offline-merchant and 'kirana' store network to reach four million merchants this year.

Ease in paying parking fees is very welcomed, but if only anyone would do something about the problem of parking spaces in cities like Delhi, it would be great.  

More from Entrepreneur

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.