Paytm Karo! Will We End Up Building a Private Monopoly?

02.12.2016 • Emerging Markets

By Vivek Kaul – The Vivek Kaul Letter (India) –

Like many people around me I am also hoarding cash these days.

By cash I mean the nine Rs 100 notes that I currently have. I also have one Rs 2,000 note which no merchant has been willing to take for small transactions of a couple of hundred rupees that one usually makes when using cash.

In fact, until a few days back I was a rich man and had 15 notes of Rs 100. I had to run an errand and ended up paying Rs 650 in cash.

This led to my haul of Rs 100 notes coming down from 15 to nine. But before I paid the merchant in cash, I had a very interesting conversation with him, which is worth recounting here.

“You don’t have Paytm?” I asked, hoping that I could simply transfer money to him through Paytm and in the process save on my cash reserves. “Yes, I do,” he replied, much to my surprise.

So, I immediately downloaded the app on my phone and activated it. I already had a Paytm account given that I have been using it to pay for my Uber rides.

But I hadn’t used it for anything else before.

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