In a move to make merchants take readily to digital payments, Paytm has launched the Paytm for Business app on Android Play Store today. The app enables new merchants to sign up quickly and get a Paytm QR code to start accepting digital payments. The app will also enable merchants to manage their day to day payments and day-end reconciliations.
Kiran Vasireddy, COO Paytm stated, “We are committed to building the best payments infrastructure for our Merchant partners. Our Paytm for Business app is another step towards simplifying payments for the country’s vast and diverse business partner community. It will make managing day-to-day business operations simpler for our partner merchants and offer them the peace of mind that comes with having a dependable one-stop solution. All needs ranging from seamless acceptance of various payment modes to day-wise settlement summary have been taken care of.”
The Paytm for Business app offers a complete suite of services allowing Paytm’s existing 6 Mn offline merchants along with new, to track payments, go through the past collections and trace settlements made to their preferred bank accounts. They can also generate a Paytm QR instantly through the app, print it, and start using it at their outlets to accept unlimited payments directly into their bank accounts at 0% charge.
Additionally, they can also share the Paytm QR with their customers through messaging platforms to receive payments. The app also allows downloading of daily, weekly and monthly transaction statements and gives access to critical information like estimated time of bank settlement, UTR numbers (Unique Taxpayer Reference) among others.
The app will be available in 10 regional languages, allowing merchants to view their transaction details without the need to wait for a confirmation SMS or email.
A Look At Paytm And The Digital Payments Sector In India
A lot has been transpiring in the digital payments sector in India. Just last week, messaging app WhatsApp has officially launched its new WhatsApp Business app in select markets, including Indonesia, Italy, Mexico, the UK and the US. The free-to-download Android app will roll out in other markets, including India, soon.
Paytm itself has been at the forefront of doing many a things to boost adoption of digital payments in the country. Recently, it even enabled account holders in Paytm Payments Bank to order physical debit cards from the Paytm app. Earlier, the bank provided only digital debit cards which are issued to customers upon opening of Individual Savings Account.
As per the App Annie 2017 Retrospective Report, Paytm clocked more monthly active users (MAUs) than Instagram last year and has been ranked 9th among the global top 10 apps with highest MAUs. After clocking 255 Mn transactions last month, the digital payments company is aiming to aiming to achieve $14 Bn GMV during the ongoing fiscal year.
As a per a report by Google and Boston Consulting Group, the digital payments industry in India is projected to reach $500 Bn by 2020, contributing 15% to India’s GDP. 2017 also ended on a high note for the Indian digital payments industry, with digital transactions reaching a new peak of 1.06 Bn in December.
With ‘Paytm for Business’, Paytm not only aims to offer merchants a go-to destination for all their payment-related information but also invariably boost the acceptance of digital payments in the country. Given the surge in digital payments, the latest feature from Paytm just comes at the right time to give Paytm the push it needs to stay ahead of the competition like Flipkart owned PhonePe, WhatsApp Business, Amazon and others.