Friday, January 19, 2018
Paytm QR Now Allows Merchants for Paytm, UPI, Cards Payments at 0% Charge; Targets 7 Lakh Kirana Stores in Bangalore
Paytm, India’s leading mobile-first financial services company has announced that its QR now allows offline merchants to accept unlimited payments directly into their bank accounts at 0% charge. Now, consumers can scan and pay at merchant outlets using their preferred payment methods such as Paytm, UPI, Cards and net-banking. The company also announced that it plans major foray in Karnataka and will add 3 lakh more merchants in Bangalore alone in 2018.
This new development is part of the company’s efforts to democratize mobile payments for both merchants and consumers by offering them more choices and convenience.
Paytm aims at extending its support to all major payments instruments so that both small and large merchants alike get the flexibility of accepting payments from a wider set of consumers, and help them grow their businesses. The company’s 10,000 strong sales team across the country is working closely with in-store merchants and helping them gain understanding on the added benefits and convenience of using Paytm QR. It will invest Rs. 500 crore in the upcoming calendar year to conduct merchant training and awareness initiatives to expand the reach and acceptance.
Paytm QR has eliminated the need for additional spends on POS machines for merchants and it has been supporting them in their day-to-day business. Currently, Paytm offers customers the widest range of offline and in-store payment use-cases including parking, tolls, kirana stores, utility, temples, local transport, railway & metros, school & college fee and challan among others. With the company’s clear focus on payments expansion, it expects to grow Paytm’s 5 million merchant base and targets 6X growth in offline payments by mid next year.
KiranVasireddy, COO – Paytm said, “We have been at the forefront of mobile payments in India. Today, Paytm is accepted at millions of large retail chains as well as small stores across the country, and we are committed to building the best payments infrastructure for our merchant partners. With Paytm QR, our merchant partners can now accept payments at 0% charge, directly in their bank accounts through multiple payment instruments including UPI and cards. And there is no monthly limit on collecting payments from their customers. We will continue to invest in expanding our payments network till the time every small and large merchant gets the power of mobile payments with Paytm.”
Foray into Tier 1, Tier 2 cities for expansion in Karnataka
The company will foray into smaller cities and towns in Karnataka and esp will add 3 lakh more merchants to its existing number of 4 lakh in and around Bangalore alone.
Speaking to the media, Amit Veer, Vice President of Paytm says, “Over the years we focused mostly on the metro but off late are looking at tier 1, tier 2 cities across the country. Especially in Karnataka, Bangalore has been a top market for Paytm and technologies like QR are easily accepted here. About 48% of our merchants are from the mom and pop stores or kirana’s and these will help us achieve our targets soon.”
The other users where Paytm has witnessed a major acceptance in the city are Food; Gas and Petrol; Dairy Booths; Entertainment, Parking and Tools among others.
Paytm QR offers these benefits to merchants:
– Accept payments directly into bank account
– 0% charge on receiving payments
– Real-time fund transferPosts related to Paytm QR now allows merchants to accept Paytm, UPI and Card payments directly into bank account at 0% charge.