Paytm Will Invest 600 Cr to Expand Its QR Code Based Payment Network

Paytm has announced that it will invest over Rs 600 Crore to enable merchants across India for acceptance of digital payments using its QR code based payment solution.

The company is investing in scaling up manpower, technology, and merchant education so they can transact digitally for the first time and become a part of the formal economy.

As per the stats provided by the company, Paytm’s QR code based payment solution is already being used by more than 5 million merchants as of today.

With no cost of the POS terminal and zero transaction charges coupled with the vast Paytm user base makes the solution, a viable and an attractive payment option for all large and small merchants. Also read: Goqii Smartband Review: A Budget Fitness Partner For Newbies

The company is acquiring almost a million merchants a month and aiming for over 10 million merchants in 650 districts of the country.

Within a year of launch of its QR Code based offline payments, it already contributes around 65% of overall transactions on its platform.

Paytm has undertaken several initiatives to help the country’s merchants start accepting digital payments at zero fee. The company invited volunteers, who along with its merchant acquisition teams have on-boarded 5L merchants till date. Also read: Tech Mahindra Sees Bigger Business from Vodafone-Idea Merger

Paytm has also registered strong growth across its newly launched use-cases including tolls, canteens, parking and healthcare among others.

Paytm’s QR code-based payments is also being used by the country’s healthcare industry, which includes pathology labs, diagnostic centers, pharmacies and hospitals chains.

It has made its platform available in 10 different regional languages - Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi thereby resulting in a 5x traffic increase for the platform from smaller towns.

It has also launched a 24*7 Merchant Helpline to assist merchants across India accepting payments using its cashless payment solution.Also read: Airtel Completes Acquisition of Augere Wireless