Your browser is currently blocking notification.
Please follow this instruction to subscribe:
X
Notifications are already enabled.
X

Paytm Launches All-In-One QR Code, PoS Device And Merchant SDK

Paytm Launches All-In-One QR Code, PoS Device And Merchant SDK

The All-In-One system will let merchants create virtual storefronts

Paytm founder and CEO Vijay Shekhar Sharma said All-In-One has been deployed with half a million merchants

The company raised $1 Bn in a funding round led by T Rowe Price in November 2019

Bringing disparate digital payments options under one system, Paytm today launched an All-In-One payments system along with an SDK for third-party integration. The All-In-One system includes point-of-sale touchscreen machines, payment gateway switches and a QR code that works across UPI through Paytm or other apps, RuPay cards and for Paytm wallet and Paytm Payments Bank accounts.

The Paytm All-In-One PoS enables payments from the Paytm wallet, debit and credit cards and all UPI apps. This also includes EMI payments for large purchases. The PoS, unveiled by Infosys cofounder and UIDAI chairman Nandan Nilekani, with its large screen enables merchants to generate dynamic QR codes. It also lets merchants track cash payments, enable deferred payments and reminders for payments. The PoS device, built by Paytm, allows same-day payments settlements. It has already been tested by over 150K merchants, the company claimed.

paytm all-in-one pos device

Paytm All-in-One will also work for payouts i.e payments to vendors, corporate meal allowance, daily wages for industries, ecommerce refunds and more. The Paytm All-In-One software development kit or SDK will allow other payment providers to integrate their systems to Paytm and provide a seamless transaction experience for digital payments users. The SDK also allows SMEs and shopkeepers to create storefronts on Paytm app, just like Google Pay.

Paytm promises zero cost for merchants because of the zero merchant discount rate (MDR) on digital payments through UPI and RuPay cards. Announcing the launch, Paytm and One97 Communications founder, Vijay Shekhar Sharma said, “Zero MDR opens up a whole new market in India.”

Sharma added that the PoS device is used by IRCTC for food services on board.

For the All-In-One QR code, the company is also innovating on the displays and interfaces. One example is the calculator integrated into the QR code display or a speaker which confirms the transaction with an audio alert. The speaker is an IoT device with an integrated eSIM. This has been created to limit frauds such as fake payment confirmation screenshots. Similarly, the All-In-One PoS also has an in-built printer to give receipts to consumers.

paytm all-in-one QR devices

The company also claims a base of 16 Mn merchants and over 10 Mn active merchants on its Paytm for Business app. It also said the All-In-One QR code has been deployed at half a million merchants. Paytm claimed it now has 300 Mn wallet accounts, 100 Mn UPI handles, 220 Mn saved cards, 55 Mn bank accounts and 150 Mn annual transactions.

In November 2019, Paytm raised $1 Bn funding in a round led by US asset manager T Rowe Price, along with investments from Ant Financial, SoftBank Vision Fund, and Discovery Capital. Paytm topped the funding charts for 2019 with that round and the digital payments company is valued at around $16 Bn. Paytm also received $300 Mn from Berkshire Hathaway last year at a valuation of $10 Bn. Paytm founder Sharma said the company will invest around INR 10,000 Cr ($1.39 Bn) to acquire customers and merchants in smaller towns.

Get Weekly Briefing On The Indian Startup Ecosystem!

Author

Suprita Anupam

Inc42 Staff

An Electronics Engineer turned Business Journalist | Blogger | Avid Reader. Previously associated with Network18, Clean India Journal and Mudra Communications, he has been writing on a variety of issues that include cryptocurrency, policy-related matters, blockchain, investments-destination, technology and other startup-related matters.

https://inc42.com/buzz/gaana-breaks-its-own-record-crosses-150-mn-users/
Loading Next…

Upcoming Events