Paytm, which is the leading online payments processor in India, has been focusing on increasing its merchants base on the platform. In line with that, the company is now going to invest around ₹500 crore to facilitate QR code based payments service for the offline merchants.
This move seems to be the part of the company’s efforts to facilitate mobile payments for both merchants and consumers by offering them more choices and convenience.
Commenting on this, 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.
According to the company, it has a merchant base of 5 million and is now targeting a growth rate of around 6 times (6X) in offline payments by mid next year. It currently has more than 200 million users on its platform.
In order to increase transactions on its platform and to enable easy transactions through its wallet, Paytm recently announced the integration of Unified Payments Interface (UPI), allowing users to connect their UPI wallets with their Paytm wallet.
Earlier this year, in August, the company invested around ₹32 crore in order to increase its merchants base on the platform by about 50,000. In the same month, it was reported that the company will open its QR-based payments service to allow third-party services, in order to increase transactions on its platform.