Several industry experts had already predicted that tie-ups would be big in 2016. Digital payment players & startups will be in the center of all the action. Paytm and M-Taxi has joined hands to disrupt the payment patterns in the commute industry.
With so many startups looking to claim their share of the Indian market, entrepreneurs are looking to implement new things. Commute industry startup ‘M-Taxi’ started off last year with the mission of providing a hassle-free option for the daily commuters. Looking at the recent development, M-Taxi has got Paytm on-board as their payment partner. M-Taxi had raised angel funding last year, led by Mandeep Singh and Jairaj Singh. Started by Arunabh Madhur, M-Taxi is looking to disrupt the payment patterns in the commute industry. Catering to the same cause, the company has decided to tie up with Paytm. A move which can be termed as transportation marrying digital payment technology. The main motive of the move is to boost cashless transactions with Paytm’s expertise. Paytm has been one of the most widely used mobile wallets in the country. An integration with Paytm will further enhance and smoothen operations on M-Taxi’s part. The majority of the commute service providers are now looking to go cashless. Till date, M-Taxi loyalists were only able to pay via cash for the services. However, the partnership with Paytm will cross this hurdle and help the customers to pay on-the-go. So what has instigated this move? The simple answer to this question would be the ever-increasing smartphone penetration and internet usage. These factors have pushed the growth for on-demand services. The integration with Paytm will provide the commuters with an additional option to pay their fare. With companies like Uber and Ola covering the majority of the four-wheeler commute segment, M-Taxi’s main competitors in the two-wheeler segment includes companies like HeyBob and HeyTaxi. The two-wheeler taxi concept may still be in the nascent stage in India. However, the concept has been a huge hit in countries like Indonesia and Vietnam. The main two-wheeler taxi players out of India include Go-Jek, GrabBike and Blu-Jek. The two-wheeler taxi market will be witnessing a lot more entrants in the near future. However, being India’s first two-wheeler taxi service, M-Taxi has pulled up a coup of sorts with the partnership with Paytm.
Speaking about the partnership with Paytm, M-Taxi founder, Arunabh Madhur, said, “M-Taxi is a technology company, providing easy and convenient last mile connectivity to the commuters in Gurgaon. After the success of the first phase operation, we are expanding as a service and constantly improvising our offerings. With Paytm, we will be providing convenience to our daily customers for speedy, secure and hassle-free payments. Lesser transaction failures and shorter turnaround time for payment approvals makes Paytm a natural choice for a digital wallet partnership.” The M-Taxi users will be able to use the wallet after the next update.