Digital payments firm Paytm on wednesday announced the launch of its all-in-one QR for merchants across the country. This QR will enable merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI-based payment apps directly into their bank account at zero per cent fee, Paytm Founder and Chief Executive Officer Vijay Shekhar Sharma said at the launch.
The platform offers a single reconciliation of all payments through its ‘Paytm for Business’ app. Owned by One97 Communications Limited, the mobile wallet company currently enjoys 54 per cent market share of mobile payments for merchants. “We are very proud to launch an encompassing all-in-one QR for businesses.
The all-in-one QR is a must-have business tool as it is only payment QR that allows merchants to accept payments from Paytm wallet, all UPI apps, and cards,” sharma said. Besides, it also rolled out the QR code into various utility items such as calculators, power banks, clocks and radio, which merchants can use in their shop for daily requirements, the company said.
The new smart device for payment processing ‘soundbox’ is one of the QR merchandise that allows the merchants to hear confirmation of payment receipt, which supports all payment modes and multiple languages. Paytm is making payments more convenient with its dynamic QR for merchants, where QR code specific to a single order can be generated that merchants can integrate into any PoS(point of sale) system.
The company also introduced a new service ‘Paytm Business Khata’ that complements the all-in-one QR. ‘Business Khata’ further empowers Paytm merchant partners to maintain digital ledgers of all their customer transactions including cash and credit,” the company said.
Apart from this, Paytm said it will invest Rs 750 crore to approximately double its monthly active user base on mobile to 250 million by March 2020.
The company expects its Paytm Inbox service to accelerate the growth as it has garnered 27 million monthly active users and expects additional 60-70 million new customers to come on board by end of the current fiscal year.
“We are already seeing 27 million monthly active users on Paytm Inbox. Now that we are upgrading it to the next level with innovative use of the content, we hope to get around 60 to 70 million new users of the app.
Our target is to have 250 million monthly active users this year,” Deepak Abbot, Sr. Vice President, Paytm said in a statement. Paytm currently has a monthly active user base of around 140 million.
The company claims that it is on its way to achieve over 3 billion sessions by users logging in to the application for payments and money transfers.
(With inputs from PTI)