Paytm on Tuesday announced the launch of its All-in-One Android POS (point of sale) device for merchant partners. The company said the device helps merchants accept payments on Paytm wallet, all UPI (unified payments interface) apps, debit and credit cards, as well as cash.
Besides accepting payments, merchants will also be able to generate goods and services tax (GST)-compliant bills, and manage all transactions and settlements through their ‘Paytm for Business’ app in one go.
The android-based device comes with a full-size display and is pre-bundled with Cloud-based software for billing, payments, and customer management. It can also be used to accept payments, print bills, and scan items for faster checkout. The device works on Wi-Fi and comes with a pre-installed sim card, ensuring round-the-clock connectivity with all of Paytm’s bouquet of services.
“Over the past 18 months, we have invested a lot of time in understanding the needs of small businesses around digital payments. This device offers a comprehensive business tool right on the desk of millions of small businesses,” said Vijay Shekhar Sharma, founder and chief executive of Paytm.
Infosys co-founder Nandan Nilekani, who spearheaded the massive unique identification project ‘Aadhaar’, was also present at the launch and said Paytm was democratising payments in the country.
“The All-in-One Android POS is a very important device. There are choices that people have; they can use these cards, UPI and wallets. You are saying I will give you one device and any payment can be made. I think that really eliminates this ‘A vs B’ kind of argument (as) everything is in one device,” said Nilekani.
Paytm is eyeing the digital payments space in India, which is expected to rise fivefold to $1 trillion by 2023, and this will be led by the growth in mobile payments, according to a report by Credit Suisse.
Paytm has done a series of successful pilots for the new device in different spaces, including bus ticketing service, logistics, and home delivery.
IRCTC, one of Paytm’s partners, is using the All-in-One Android POS machines to bill food items sold inside trains. It helps in keeping track of sales and has proved to be a strong tool for inventory management.
The company also announced the launch of two innovative business solutions for small and medium enterprises (SMEs) that will help them streamline and digitise their business processes.
The firm has introduced ‘All-in-One PG’ and ‘Paytm Business Solutions’ that increase the overall efficiency of both accepting payments and making payments. Together, these two solutions complement the newly launched 'All-in-One POS' device, said the company.