Paytm QR announces direct payment acceptance into bank accounts

Digital payment giant Paytm has announced that its QR now allows offline merchants to accept unlimited payments directly into their bank accounts at zero charge, in a bid to democratise mobile payments for both merchants and consumers by offering them more choices and convenience.

Now, consumers can scan and pay at merchant outlets using their preferred payment methods such as Paytm, UPI, Cards and net-banking.

Paytm aims at extending its support to all major payments instruments so that both small and large merchants alike get the flexibility of accepting payments from a wider set of consumers, and help them grow their businesses.

The company's 10,000-strong sales team across the country is working closely with in-store merchants and helping them gain understanding on the added benefits and convenience of using Paytm QR. It will invest Rs. 500 crore in the upcoming calendar year to conduct merchant training and awareness initiatives to expand the reach and acceptance.

Paytm QR has eliminated the need for additional spends on POS machines for merchants and it has been supporting them in their day-to-day business. Currently, Paytm offers customers a wide range of offline and in-store payment use-cases including parking, tolls, kirana stores, utility, temples, local transport, railway and metros, school and college fee and challan among others.

With the company's clear focus on payments expansion, it expects to grow Paytm's five million merchant base and targets six fold growth in offline payments by mid next year.

"With Paytm QR, our merchant partners can now accept payments at zero 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," said Kiran Vasireddy, COO - Paytm.