Paytm has .₹ 600 cr to Take QR to Sellers
Company looks to increase the use of the platform among offline merchants and retailers 10 5 10
Bengaluru: Online digital marketplace and wallet player Paytm will invest .₹ 600 crore to develop its QR code-based payment solution for merchants. The investment will be made under parent company One97 Solutions and is aimed at increasing the use of the platform among offline merchants and retailers.
The investment will be utilised to build the back-end for QR codebased payments to allow seamless and secure transactions at low bandwidth and with low-end smartphones. With this invest-
investment to build backend for QR codebased payments to allow seamless and secure transactions at low bandwidth and low-end smartphones
Firm to use
million Co’s target for using the QR solution by Dec 2017
lakh Merchants already on-boarded
Languages Payment interface is available in
ment, the company will also scale up manpower and merchant outreach to reach its target of enrolling 1 million offline merchants every month and reach a target of 10 million merchants using the solution by December 2017 across 650 districts.
The Alibaba-backed platform, which is in the process of launching its ecommerce marketplace, has a commitment from the Chinese parent for an investment of .₹ 1,350 crore, part of which will be utilised for the current investment. “Our 0% merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR code-based payments to every nook and corner of this country. We will invest .₹ 600 crore this calendar year, which will be used for scaling up merchant acquisition teams, marketing and cash-backs,” said Kiran Vasireddy, senior vice-president at Paytm.