Payments platform Paytm on January 8 launched 'All-in-One QR' code for merchants.
The QR code will enable merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI based payment apps directly into their bank account at 0 percent fee.
It will also offer a single reconciliation of all payments through its 'Paytm for Business' app.
Paytm is owned by One97 Communications Ltd. Currently, Paytm holds 54 percent market share of mobile payments at merchants.
Of the total 9 billion mobile payments at merchants in India, 5 billion mobile payments are done via Paytm.
It also 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'.
The company also introduced a 'Paytm Business Khata' that complements the Paytm All-in-One QR.
Vijay Shekhar Sharma, Founder and Chief Executive Officer, Paytm, said, “This will empower 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.
Sharma believes All-in-One QR will accelerate the Digital India mission and make more financial services available to the underserved.
Paytm had 15 million offline merchants which the company aims to take to 25 million, Sharma said without giving a timeline for the target.
Soundbox
Paytm also introduced soundbox today.
It is a voice-activated POS (point-of-sale) machine. In simpler words, the Paytm SoundBox will alert you that the payment is complete, instead of waiting for a confirmation SMS.
It is a small and portable speaker for daily payment alerts. Merchants can buy it for Rs 700.
It supports all payment modes and multiple languages.
Whenever a customer makes a payment via Paytm at your store, the SoundBox will alert and notify you that the payment is completed successfully. For instance If a customer scans the Paytm QR code at your store and pays Rs 50, the Sound Box will announce it loudly- “Received Rs 50 successfully” <voice message>.
It comes with a dedicated SIM slot and will work on 4G connectivity that will always be connected to the internet in order to manage the payments on your behalf.
To encourage wider acceptance of digital payments, Paytm offers rewards and cashback to its long associated merchant partners.
In 2019, 26 billion payment transactions were done, of which 15 billion were via Paytm, Shekhar said.
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