Digital payments giant Paytm has announced that its QR feature now allows offline merchants to accept unlimited payments directly to their bank accounts at 0% charge. To that end, the company is gearing up to invest $77.75 Mn (INR 500 Cr) over the next 12 months to conduct merchant training and awareness initiatives.
This move is a part of the company’s efforts to facilitate mobile payments for both merchants and consumers by offering them more choices and convenience.
Paytm has been working on digital payments solutions since its inception and the practice gained momentum post demonetisation last year. Since then, the company has expanded its sales team to 10,000 employees and is working closely with in-store merchants to help them gain an understanding of the Paytm QR service.
Kiran Vasireddy, COO of Paytm said, “With Paytm QR, our merchant partners can now accept payments at 0% charge, directly in their bank accounts through multiple payment instruments including UPI and cards. And there is no monthly limit on collecting payments from their customers. We will continue to invest in expanding our payments network till the time every small and large merchant gets the power of mobile payments with Paytm.”
The company claims to have a 5 Mn merchant base and is targeting a growth rate of 6X in offline payments by mid next year.
With the recent development, the merchants get a chain of benefits like real-time fund transfer, 0% charge on receiving and accepting payments directly into bank account and no monthly limit acceptance limit.