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Fintech start-up Trupay expects at least one lakh merchants will this fiscal adopt its recently launched merchant kit, its co-founder Vivek Lohcheb has said.
The merchant kit is a unique plug and play solution for merchants, enabling them to accept payments both via UPI-BHIM and Bharat QR code, the world's first interoperable payment acceptance solution.
"Since its recent launch, we have already onboarded 4,000 merchants. Our target is to scale up this rollout to at least 1 lakh merchants this fiscal", Vivek told BusinessLine .
Trupay's merchant kit obviates the need for any Point-of-Sale (PoS) machines.
According to Vivek, customers can scan the QR code with any of the 50+UPI apps, including BHIM and also their bank apps, to make payments.
Merchants across all sectors, including retail, hospitality, hospitals, education, restaurant and even financial services, have begun using Trupay's new merchant kit.
As per RBI data, Unified Payment Interface (UPI) transactions volumes have already overtaken the transactions volumes of all the wallets combined. UPI is not only the most advanced payment system in the world, but is also the most cost effective payment medium.
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