DigiLocker is a secure cloud-based platform provided by the Ministry of Electronics and Information Technology, Government of India under its Digital India initiative
Paytm becomes one of the first consumer app to bring the entire Digilocker functionality to consumers via its own app
DigiLocker Mini App on Paytm offers users one-click access to access all government records from Digilocker even when users are offline or in a low connectivity zone
Users data stays on their device locally and can be accessed offline or even in low connectivity zones
Paytm users can now add and retrieve documents such as Aadhar, driving license, vehicle RC, Insurance, COVID-19 Vaccine Certificates, and others
To ensure data privacy of its users, Paytm does not store or send any document related information at its back end
India’s leading digital ecosystem for consumers and merchants(1) Paytm has announced that it has onboarded Digilocker to its Mini App Store. With this, Paytm users will be able to save and access their digital documents in a safe and secure manner.
DigiLocker is a secure cloud-based platform for storage, sharing and digital verification of documents & certificates, provided by MeitY (Ministry of Electronics and Information technology) under Digital India Corporation (DIC). Some of the most popular use cases for DigiLocker are accessing Driving License and Vehicle Registration Certificate, Aadhar Card, Mark Sheets among others. Users can also utilise Digilocker documents for self KYC and video KYC with telecom operators, online share trading platforms and other fintech platforms as required. DigiLocker documents are legally recognized on par with original documents, as per the Information Technology Act, 2000.
Users can access their DigiLocker within the Paytm app to retrieve, add, save/store and even receive verified electronic copies of documents from registered organizations directly into individual lockers eliminating the need to carry physical documents. Users who have booked COVID-19 Vaccines through Paytm can add their Vaccine Certificates with one click to Digilocker.
To view and access the documents users can go to the profile section under ‘Your Documents’ on the Paytm App. DigiLocker documents once added on Paytm can be accessed by users even when they are in low connectivity zones or offline.
The Mini App store was launched on Paytm app to make it a space for developers and businesses to launch their apps and leverage Paytm’s user base. Today, it houses several businesses who use Paytm’s reach to grow their user base, reach out to consumers, enable their existing users to access services easily and more. Through the Mini App Store on the Paytm app, users can book a cab, order food, book doctor’s appointments or order medicines, health supplements, purchase travel & entertainment tickets, and book slots for COVID vaccinations.
Paytm spokesperson said, “We are excited to bring the Digilocker functionality to the Paytm App. Millions of users who open the Paytm app for vaccine booking, travel, FASTag, insurance, KYC and many other use cases, will be elated to have the DigiLocker functionality which will enable convenience and easy access to important documents.”
MeitY spokesperson said, “DigiLocker’s aim, aligned with the Digital India mission, is to provide to all Indian citizens a digital platform for paperless services. Our partnership with Paytm Mini App, will extend DigiLocker’s services to Paytm’s users, who can access important documents like Aadhar, Driving License and more at one place, and exclude the need to carry all paper documents with them.”
Paytm is India’s leading digital ecosystem for consumers and merchants (1), and offers payment services, commerce and cloud services, and financial services to 333 million consumers and over 21 million merchants, as on March 31, 2021. Paytm is India’s largest payments platform (1) based on the number of consumers, number of merchants, number of the consumer to merchant transactions and revenue, as on March 31, 2021, and with a GMV of ₹4,033 billion of FY2021. One 97 Communications Limited (“Company”) is the largest payment gateway aggregator in India for FY2021 based on total transactions, with the widest ecosystem of payment instruments (1). The Company’s lending business (offered in collaboration with financial institution partners), includes personal loans, merchant loans, as well as its Buy Now, Pay Later product i.e. Paytm Postpaid. The Company’s financial institution partners disbursed 1.4 million loans in Q4FY21.
“One97 Communications Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed the draft red herring prospectus dated July 15, 2021 (“DRHP”) with the Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, and the websites of the stock exchange(s) at ww.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see “Risk Factors” of the RHP / Prospectus, when available. Potential investors should not rely on the DRHP for any investment decision.”
(1) Source: Report titled “The Digital Transformation of Payments and Financial Services in India” dated July 15, 2021, prepared by RedSeer Management Consulting Private Limited.