India’s largest payments platform Paytm (owned by One97 Communications Limited) has today announced that it will be onboarding 2 million merchants in the next 12 months from the eastern region including West Bengal, Assam, Jharkhand and Orissa. The recent launch of All-in-One QR for merchants across the country has already enabled over 2 million merchants in this Eastern India to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI based payment apps directly into their bank account at 0% fee.
The platform offers a single reconciliation of all payments through its ‘Paytm for Business’ app. The company further 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, “Paytm for Business app is our offering to empower every merchant in the country by bringing them to the fold of the digital economy. Any merchant, who runs any business of any scale, can get access to Paytm for Business app. The on-boarding process is simple & free with no KYC or 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 that will help them to increase their business.Eastern India is at the forefront of digital payments and has witnessed a 150% growth in 12 months. We will continue to add new banking & financial products to our Paytm for Business app to address the requirements of our merchant partners across the length & breadth of the country.”
