Payments platform Paytm on January 8 started the ‘All-in-One QR’ code for retailers. The QR code will allow dealers to accept countless payments through Paytm Wallet, Rupay Cards and all UPI based payment apps right into their bank account at 0 percent charge.
The merchant only app ‘Paytm for Business’ is widely accepted by over 10 million Paytm associates. It has allowed them to control their payments, see all their purchases in one place, order Paytm QR commodity among various other services. Merchants can also avail of various business services & business solutions such as loans, insurance. Its innovative gift has enabled merchant partners to transfer amounts immediately into their bank accounts at any time.
Paytm transformed the digital payments business when it started the QR-based payment system and on-boarded millions of neighborhood markets to accept digital payments. It was the very initial moment in Indian history when a tiny shopkeeper could also take digital payments without spending in a POS (Point-of-Sale) device. The success became a motivation for America’s Google and Facebook’s Whatsapp to begin payment services in India. While the app has a huge use-case from bill payments to tour bookings, other apps are yet relying on incentivized P2P design.
Paytm, held by One97 Communications Limited, also revealed the QR code into many utility items such as power banks, calculators, clocks, and radio, which traders can apply in their shop for everyday requirements.
With the initiation of a single QR code, another peculiarity has been attached to Paytm. Paytm has a business share of more than 70% with 210 million users transacting using digital methods which create around 150 million users buying using Paytm.
The firm also launched a unique service ‘Paytm Business Khata’ that complements the all-in-one QR. ‘Business Khata’ further enables Paytm merchant partners to keep digital ledgers of all their consumer purchases including cash and credit.
The perception is to stimulate the Digital India mission and make more commercial services available to the underprivileged.