Paytm looks to enter card payment business, plans to roll out PoS machines

Paytm is planning to enter the physical point-of-sales terminal business by introducing its own PoS machines at merchant outlets across the country, according to a report by The Economic Times.

Sources told the newspaper that the move is aimed at offering users all available forms of digital payment. Paytm already provides QR code-based payment facilities to its users.

It is being speculated that the company will introduce both traditional PoS terminals, which work on GPS or landline, and mobile PoS terminals, which are operated through smartphones.

Paytm has not officially confirmed the development and Moneycontrol couldn't independently verify the report.

Last month, Paytm said it had crossed an annual gross transaction run-rate of $29 billion, driven by growth across mobile payments and bank transfers through its platform.

It claimed that around 7 million offline merchants accept payments through Paytm QR codes. Also, over 100 million Paytm customers have completed the KYC process necessary to transact on its platform.

In March, the company launched a business application aimed at serving merchants in Tamil Nadu. The merchants can track their payments, navigate past collections and can also make settlements instantly using the app.

The 'Paytm for Business' app, available on the Android Play Store, is for merchants and business partners who accept Paytm at their offline stores within the state.

(With inputs from PTI)