Paytm Tries to Crack QR Code for Payments
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