QR code-based mobile payments on the rise: Paytm

V. Sajeev Kumar | Updated on January 22, 2018

E-payment firm to invest ₹500 cr this year on merchant training, awareness initiatives

Paytm, the mobile payment solutions platform, will be investing ₹500 crore this year to conduct merchant training and awareness initiatives to scale-up operations across the country.

Tom Jacob, Regional Head, Paytm, told newspersons that QR-based mobile payment is fast emerging as the default payment method for merchants and the QR code is now enabling merchant partners across the country to accept unlimited payments directly into their bank accounts at zero per cent fee.

The company is aiming to enrol five lakh merchants in Kerala this year, as over one lakh merchants across the State accept Paytm today, he said. He pointed out that there has been a major boom for QR-based payment solutions, especially after demonetisation of high-value currencies, and the trend is still continuing.

Currently, there are about 300 million registered users since the six years of launch and over six million merchants. The company said small stores and home-based entrepreneurs transact the most using Paytm. Kerala is one of the top four markets in the country for largest merchant acceptability, he added.

The rate of adoption of QR-based payment “will increase further as our merchants can now accepts payments from Paytm, UPI or cards at zero cost round the clock and throughout the year,” he added.

Asked about the revenue generation model, Jacob said the company is now focussing on expanding its footprint across the country rather than generating revenue.

Published on January 22, 2018

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