Paytm expects 25M merchant bases by next year, says official
Digital payments firm Paytm expects its merchant base, which is pegged at 15 million as of now, to reach 25 million by the next fiscal, a senior executive of the company said on Monday.
"The intent at this point in time is to expand our merchant base by offering solutions, which are tailor-made to make their lives better...we have relationship with 15 million merchants at this point in time. We are scaling it to 25 million by next fiscal," Saurabh Sharma, senior vice-president, Paytm, said.
Paytm recently announced the launch of "All in One" QR, which will enable merchants to accept unlimited payments through Paytm Wallet, Rupay cards, and all UPI-based payment apps directly into their bank account at zero percent fee in Hyderabad and another six cities across the country, according to him.
He said over the next 15 days the QR code will be launched across the country.
The payments platform said it will be on-boarding 1.5 million merchants from Andhra Pradesh and Telangana in the next six months, and it is targeting to double the business growth in these states within a year.
In addition, the platform also announced offering instant reconciliation of all payments through its 'Paytm for Business' app.
Paytm will also put this ‘All-in-One' Paytm QR on various utility items such as calculators, power banks, clocks, pen stands, and radios, which merchants can use in their shop for daily requirements.
The company unveiled these personalised QR codes with merchants' names, logos, and pictures to strengthen their association with digital payments. These merchandise QR codes can be ordered from the merchandise store on the 'Paytm for Business' app with doorstep delivery.
According to Paytm, the sound box is one of the most popular QR merchandises that merchants love as it allows them to hear confirmation of payment receipt.
Paytm also offers a dynamic QR for merchants where QR code specific to a single order can be generated which merchants can integrate into any PoS system.
(Disclaimer: Additional background information has been added to this PTI copy for context)