Paytm Tries to Crack QR Code for Pay­ments

The Economic Times - - Disruption: Startups & Tech - Our Bureau

Ben­galuru: Mo­bile pay­ments and com­merce plat­form Paytm says that it will reach 1 crore off­line sell­ers with its QR code of­fer­ing for pay­ments.

Cur­rently 35 lakh mer­chants in­clud­ing or­gan­ised re­tail­ers, hospi­tals, and other stores use the fa­cil­ity for their busi­nesses. The num­ber of off­line mer­chants in Novem­ber was close to 1 lakh and the com­pany had hired 10,000 field-force to ramp up the num­ber of off­line users post ‘de­mon­eti­sa­tion.’

The com­pany is tout­ing its QR code pay­ment sys­tem as an al­ter­na­tive to Point-of-Sale (PoS) machines which are ex­pen­sive and take longer time­lines to de­liver. The num­ber of PoS machines across the coun­try in Oc­to­ber 2016 is es­ti­mated to be over 15 lakh ac­cord­ing to RBI data. “In or­der to add more mo­men­tum to the trac­tion, we are mak­ing the app avail­able in re­gional lan­guages and ex­pand­ing mer­chant ac­qui­si­tion net­work in smaller towns,” said Deepak Ab­bott, se­nior vice pres­i­dent at Paytm.

QR code-based pay­ment is linked to the ver­i­fi­ca­tion doc­u­ments and KYC col­lected for each busi­ness. Hence an in­di­vid­ual run­ning mul­ti­ple busi­nesses can track the trans­ac­tion for each busi­ness, avoid­ing du­plic­ity, said the com­pany. The use case for QR codes will also be built by Paytm for use on the mar­ket­place for prod­uct dis­cov­ery and is in the early stages of de­vel­op­ment.

Co’s tout­ing its QR code pay­ment sys­tem as an al­ter­na­tive to PoS machines

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