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Indian Prime Minister Narendra Modi had announced demonetisation on Rs. 500 and Rs. 1,000 notes recently and the entire nation has gone berserk since then. While the intentions behind this act were for the greater good of the country, poor execution is what plagued the mission.
As a result, the country is facing a lot of troubles. Tech savvy Indians took it to several social media platforms to express their disgrace. However, amidst all the chaos, e-tailers like Snapdeal came up with useful features like Wallet on Delivery (WoD) to help alleviate the inconvenience caused to some extent.
Following the suit, Paytm has launched a new feature called 'Nearby' to help avoid the inconvenience caused by the demonetization of currency in India. Here's everything you should know about it.
What is Paytm Nearby feature
Paytm, just after the demonetization of Rs. 500 and Rs. 1000 notes in India has launched the ‘Nearby' feature. This option allows its users to easily locate merchants who accept Paytm thereby helping those who are running low on cash.
How do I use it
Using it is a pretty straight-forward affair. All you have to do is to open the Paytm app or website and then look for the closest merchant in your vicinity under the new Nearby option. This way you can purchase food, goods or other essential items by using the wallet instead of hard cash.
200,000 merchants already support this feature
Currently, according to the company, there are 200,000 merchants listed under the Nearby feature and 800,000 more merchants will be added in short time. So, locating the vendor shouldn't be a big problem, at least not as big as standing in line for hours to know that the ATM is out of cash.
Users can also ‘Add Cash’
Along with helping the users locate the nearest vendor, the feature also allows its users to ‘Add Cash' by pointing the nearest branches of Axis and ICICI banks to load cash into their Paytm Wallets.
Paytm sees 200% rise in app downloads
Following the ban of Rs. 500 and 1000 notes in the country, Paytm has announced that it recorded an increase in traffic by 435% with the increase in app downloads by 200% which all resulted in a 250% increase in overall transactions.