India has one of the fastest growing digital payments ecosystems globally. And that is partly due to government’s aggressive push towards faster adoption, coupled with a slew of fintechs looking to grab on the business opportunity (if there actually exists one). And such a fast groiwng ecosystem warrants fierce competition, an example of which we are seeing now.
Paytm, with over 10 Million merchants on its platform, is now looking to incentivise these partners further, as it looks to take on Google Pay and Wlmart-backed-Flipkart-backed PhonePe. In the same vein, the company today announced ‘All-in-one’ QR codes for merchants.
As the name suggests, the QR codes that Paytm will now issue for scan and done payments will be universal. Users with any of the plethora of Rupay enabled or UPI enabled apps can now scan Paytm codes at merchants to pay. Interestingly, all these transactions will carry 0% processing fee from Paytm.
Additionally, Paytm is also launching these All-in-One Paytm QR codes into various utility items such as calculator, power bank, clock, pen stands and radio which merchants can use in their shop for daily requirements. Besides this, there are personalisation options on offer as well. Merchants can use their 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.
There are few more service launches along with the QR code. Paytm is also launching a product called ‘Business Khata’ (khata is hindi for ledger). Its linked to merchant’s payments on the Paytm app and lets them manage a digital ledger of all transactions, both customer wise as well as a whole. With ‘Paytm Business Khata’, merchants can set payment due date for credit transactions and send automated reminders. The customers will receive a notification with their billing history, and they will be able to make payments through the same link.