Paytm To Bring In 1 Crore-offline Sellers To Its Net With QR Code For Payments
Pos Machine could be the thing of past if Paytm has its way out. In a bid to establish its supremacy and ramp up the growth in the retail market, Paytm, has decided deploy QR code cards to 1 crore offline merchants.
The company on Wednesday has said that they are developing the QR code cards in-house and said to be still in the “developing” stage. Once the product is fully developed, it will be released to the market with an aim of capturing 1 crore merchants as quickly as possible.
The move is in its continuity for the quest to dominate the retail market by a tie-up with local merchants.The QR code would help the merchants to make the transaction easily and be able to track each transaction. One of the advantages of the QR code is the merchants easily can track every transaction even if the merchant has multiple stores/business as the QR code will be linked to the KYC collected earlier.
Keeping in the view of the language barrier, the QR code is being developed in the regional languages as well; this would enable more merchants irrespective of the size of the business can choose the QR code in the language which the merchant is more comfortable.
The other advantage of the QR code would be that this would enable Paytm to penetrate to the tier II and Tier III cities quite easily.
The currently available PoS machine used for transactions at the merchant’s payment option is expensive and takes more time to deliver as against the planned PoS code with will be faster to operate. As per the data available with RBI, there are more than 15 Lakh Pos machines across the country.
Paytm somehow always keeps in the news for all the right reasons (and the wrong ones as well!). Recently it was in the news for selling its stake to Jack ma led Alibaba with that helped Alibaba to make a formal entry into the Indian Market. It was earlier in the news when it had entangled with the legal battle with the Paypal.