Indian Oil to accept cashless payments

By the end of February, Indian Oil Corporation Limited (IOCL) gas stations in Delhi and selected pumps in other cities are expected to accept mobile payments as a result of a partnership agreement with Paytm, one of India’s largest e-commerce firms.

The deal aims to make fuel payments more convenient and efficient by using Paytm wallet, which currently has a user base of more than 120 million customers and works with more than 20,000 merchants, reported The Economic Times.

“It will not only bring in more efficiencies in petrol pump operations but also will enhance consumer convenience by allowing them to buy fuel regardless of the amount of cash they are carrying and will be of great help to them in emergency situations. This move is likely to further bolster the consumers' propensity to migrate to digital payments," said Kiran Vasireddy, Senior Vice President of Paytm.

“It will also increase turn-around times at our filling stations and help us boost our productivity,” added a senior IOCL official.