Paytm, owned by One97 Communications Limited, announced the launch of its All-in-One QR code for unlimited payments across the country. This QR will enable merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI based payment apps directly into their bank account at 0% fee. The platform offers a single reconciliation of all payments through the ‘Paytm for Business' app.
It has unveiled personalized QR codes with merchants' names, logos, and pictures to strengthen their association with digital payments. These QR codes can be ordered from the merchandise store on the 'Paytm for Business' app with doorstep delivery.
The soundbox is one of the most popular QR merchandise that merchants love as it allows them to hear confirmation of payment receipt. It supports all payment modes and multiple languages. Paytm is making payments more convenient with its dynamic QR for merchants where QR code specific to a single order can be generated which merchants can integrate into any PoS system.
Also, 2019 saw 26 billion payments including cards, mobile, and internet (RTGS/NEFT) of which 15 billion are total payments that merchants received such as a manufacturing service made payments to supplier or shop, said Paytm Founder, Vijay Shekhar Sharma.
The subset of this number, which is 9 billion are QR-led payments of which 5 billion were done through Paytm - a little around 55 percent, added Sharma. The company in its latest funding round last month had raised Rs 4724 crore.