Hard Cash Day 52: Sector 41, Noida, market swears by Paytm

At a time when Paytm is falling out of favour with many shopkeepers, the ones at the Noida Sector 41 market praise it for helping them tide over the cash crunch. 

Of the 60 shops in the market, about 50 have switched to digital platforms for accepting payments. While those with significantly big businesses use card-swipe machines, owners of small shops rely on Paytm.

They told City Spidey that the digital platform has increased their sales, which had gone down after demonetisation. They said that initially, their business went down by 70 per cent but sales increased when they switched to online payment platforms.

“Electronic platforms account for 90 per cent of payments now and only a few residents approach us with cash. Online transactions also reduce the problem of returning change to the customer,” said Sunil Kumar, a shopkeeper.

Anil Khanna, RWA president of Sector 41, said, “The switch to online platforms has helped both shopkeepers and customers. It has really helped us deal with the cash crunch.”