Paytm, India’s leading digital payments startup, announced the launch of its all-in-one QR for merchants across the country as it looks to expand its reach in the nation that has quickly become one of the world’s most crowded and competitive payments markets. Paytm raised $1 billion in late November and currently sits on a valuation of $16 billion
All-in-one QR Code
The “all-in-one” QR code system to accept payments from multiple platforms, including mobile wallets (that act as an intermediary between a user and their bank but provide convenience) and those that are powered by UPI, a payments infrastructure built by a coalition of banks that has been widely adopted by the industry players.
Merchants had expressed an interest in having one QR code that could understand any payments app. In addition to supporting mobile wallet apps, and UPI-powered payment apps, Paytm’s new QR codes also support payments through popular Rupay cards.
“I am sure this QR will accelerate the Digital India mission and make more financial services available to the underserved; Merchants can also stick these QR codes on devices such as battery packs and chargers to enable quick transaction from users,” said Vijay Shekhar Sharma, Founder and CEO of Paytm.
Paytm Business Khata launched
The company also introduced a new service ‘Paytm Business Khata’ that complements the all-in-one QR. The feature will help merchants manage payments, record transactions and secure loans and insurance. The service will also enable them to set a reminder for credit transactions, receive an audio alert for new transactions, and send links to their customers to easily pay their dues.
Paytm’s Sharma claimed that his business app has already amassed more than 10 million merchant users, a number he expects to more than double by next year.
Villagers coming online
Hundreds of millions of Indians, many in small towns and villages, came online for the first time in the last decade thanks to the cheap Android smartphones and affordable mobile data plans.
In recent years, millions of merchants and small businesses have also started to accept digital payments and listed them on the web for the first time.