India’s largest e-wallet app, Paytm, has announced an invest of over Rs 600 Crore to enable merchants across India for acceptance of 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.
According to latest stats, Paytm’s QR code based payment solution is already being used by more than 5 million merchants as of today, 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 already contributes around 65% of overall transactions on its platform.
Paytm has undertaken several initiatives to help the country’s merchants start.
(With agencies inputs)