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

The Economic Times - - Disruption: Startups & Tech - Payal.Gan­guly @times­group.com

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.

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