Hyderabad: India’s largest payments platform Paytm (owned by One97 Communications Limited) has today announced that it will be onboarding 1.5 million merchants from Andra Pradesh and Telangana in the next 6 months. The company has recently launched All-in-One QR across the country that has enabled merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI based payment apps directly into their bank account at 0% fee. Further, it is targeting to achieve 2X business growth in these states within a year.
The platform offers a single reconciliation of all payments through its ‘Paytm for Business’ app. The company plans to invest in merchant solutions for a deeper engagement beyond payments.
Paytm has also launched its All-in-One Paytm QR into various utility items such as calculator, power bank, clock, pen stands and radio which merchants can use in their shop for daily requirements. It has unveiled personalized QR codes with merchants’ names, logos, and pictures to strengthen their association with digital payments. These QR codes can be ordered from the merchandise store on the ‘Paytm for Business’ app with doorstep delivery. The soundbox is one of the most popular QR merchandise that merchants love as it allows them to hear confirmation of payment receipt. It 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 which merchants can integrate into any PoS system.
The merchant only app ‘Paytm for Business’ is extensively used by over 10 million Paytm partners. It has enabled them to manage their payments, view all their transactions in one place, order Paytm QR merchandise among various other services. Merchants can also avail multiple business services & financial solutions such as loans, insurance. Its innovative offering has empowered Paytm merchant partners to transfer payments instantly into their bank accounts at any time. To encourage wider acceptance of digital payments, Paytm offers rewards and cashback to its long associated merchant partners.
Paytm has also introduced a new important service ‘Paytm Business Khata’ that complements the Paytm All-in-One QR. This further empowers Paytm merchant partners to maintain digital ledgers of all their customer transactions including cash and credit (udhaar). With ‘Paytm Business Khata’, merchants can set payment due date for credit transactions and send automated reminders. The customers will receive a notification with their billing history, and they will be able to make payments through the same link.
Saurabh Sharma, Senior Vice President- Paytm said, “Andhra Pradesh and Telangana have witnessed a 60% growth in the last year and we are expecting significant growth in digital adoption from this region in 2020 as well. With Paytm for Business app, we are committed to empowering merchants across the country by bringing them to the digital economy and helping them to boost their business. This app is a must-have business tool and offers a superior user experience. Any merchant can get access to it, irrespective of the scale of his business. The on-boarding process is quite simple and free of cost with no KYC or extensive documentation required. With the addition of All-in-One QR to this app, we will support the merchants at every step of their journey, right from accepting digital payments to availing various services & products. We will continue to accelerate the Digital India mission and make more financial services available to the underserved.”