With a mission to democratise digital payments, it plans to bring on board over 10 million merchants on its platform before December 2017
BestMediaInfo Bureau | Mumbai | February 21, 2017
Paytm has announced that it will invest over Rs 600 crore to enable merchants across India to accept digital payments using its QR code based payment solution. The company is investing in scaling up manpower, technology and merchant education so they can transact digitally for the first time and become a part of the formal economy.
Paytmâs QR code based payment solution is already powering more than five million merchants today and is heavily used by consumers to pay in their everyday lives at kirana stores, tolls, food courts, hospitals and large retail outlets among others. With no cost of the POS terminal and zero transaction charges coupled with the vast Paytm user base makes the solution a viable and an attractive payment option for all large and small merchants. The company is acquiring almost a million merchants a month and aiming for over 10 million merchants in 650 districts of the country. Within a year of launch of its QR code based offline payments, it contributes around 65 per cent of overall transactions on its platform.
Commenting on the development, Kiran Vasireddy, Senior Vice-President, Paytm, said, âWe are on a mission to democratise digital payments. Our zero per cent merchant transaction fee coupled with an aggressive merchant acquisition rate will help us take QR Code based payments to every nook and corner of this country. We will invest Rs 600 crore this calendar year, which will be used for scaling up merchant acquisition teams, marketing and cash-backs. We will have over 10 million merchants on our platform before December 2017, which also puts us on the right path to build one of the largest payment networks in the world.â
Paytm has undertaken several initiatives to help the countryâs merchants start accepting digital payments at zero fee. The company invited volunteers, who along with its merchant acquisition teams, have actively brought on-board five lakh merchants till date. Paytm has also registered strong growth across its newly launched use-cases including tolls, canteens, parking and healthcare among others. This points at how fast consumers and merchants across India are adopting the companyâs products and services. Paytmâs QR code based payments has also been welcomed by the countryâs healthcare industry, which includes leading pathology labs, diagnostic centres, pharmacies and hospitals chains.
It has made its platform available in 10 different regional languages -- Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi, thereby resulting in a five-time traffic increase for the platform from smaller towns. It has also launched a 24x7 merchant helpline to assist merchants across India to accept payments using its cashless payment solution.