India’s largest payments platform Paytm has launched its all-in-one quick response (QR) for merchants across the country. This QR will enable merchants to accept unlimited payments through Paytm Wallet, RuPay cards, and all unified payments interface (UPI)-based payment apps directly into their bank account at 0 per cent fee.
The platform offers a single reconciliation of all payments through its ‘Paytm for Business’ app. It supports all payment modes and multiple languages.
Paytm will be launching these QR codes along with utilities like calculator, powerbank, clock, pen stands, and radio.
The merchant-only ‘Paytm for Business’ is used by over 10 million Paytm partners, with over 13 million merchants onboard. Through the app, merchants can also avail of loans and insurance.
While speaking at the launch, Vijay Shekhar Sharma, founder and chief executive officer, Paytm, said, “The Paytm all-in-one QR is a must-have business tool as it is the only payment QR that allows merchants to accept payments from Paytm Wallet, all UPI apps, and cards. I am sure this QR will accelerate the Digital India mission and make more financial services available to the underserved.”
The company has also introduced a new service ‘Paytm Business Khata’ that complements the Paytm all-in-one QR. This will empower Paytm merchant partners to maintain digital ledgers of all their customer transactions, including cash and credit.
With ‘Paytm Business Khata’, merchants can set payment due date for credit transactions and send automated reminders. The customers will receive notification with their billing history, and they will be able to make payments through the same link.
On being asked when Paytm would turn profitable, Sharma said, “We aren’t chasing profitability in the short-term. We will be launching brokerage of stocks and insurance. We will diversify further in the financial services space. In a best-case scenario, we will be able to break-even in two years’ time.”
Sharma also denied Paytm has applied for a peer-to-peer licence.
“In 2020, the biggest growth is going to come from business-to-business payments. Business payments are bigger than retail payments when it comes to complexity and opportunities,” added Sharma.
In 2018-19, Paytm had clocked a gross transaction value of $50 billion through 5.5 billion transactions. It had set a target of 12 billion transactions by 2019-20.