Why Paytm is betting big on its first 'All-in-One' Android POS device for merchants
Indian payments leaderon Tuesday announced the launch of its ‘All-in-One’ Android POS device for merchant partners across the country. This device helps merchants accept payments through Paytm Wallet, all UPI-based apps, debit and credit cards, and most importantly – cash.
Apart from just accepting payments, merchants will also be able to generate GST compliant bills and manage all transactions and settlements through their 'Paytm for Business' app at one go.
The Paytm POS is an Android-based device, which has a full-size display and is pre-bundled with cloud-based software for billing, payments, and customer management.
The device can be used to accept payments, print bills, and scan items for faster checkout at the counter. It works on WiFi and also comes with a pre-installed sim card ensuring around the clock connectivity with all of Paytm's bouquet of services.
Paytm chief Vijay Shekhar Sharma with Nandan Nilekani at the Paytm 'All-in-One' Android POS launch.
Speaking at the launch, Vijay Shekhar Sharma, Founder and CEO of Paytm said,
"Over the past 18 months, we have invested a lot of time in understanding the needs of small businesses around digital payments. Today, we are launching this incredible Paytm All-in-One POS device with a super sleek Android form factor with cloud services. This device offers a comprehensive business tool right on the desk of millions of small businesses. We strongly believe that offerings like these will help expand the market and drive further acceptance of digital payments.”
According to the company, while QR-code was essential for it to grow to 16 million Indian merchants; Paytm now believes that its next phase of growth will come from the SMBs.
Further, it also said that these SMBs will need a more sophisticated suite of products to help grow their businesses and reach to a larger audience. Having said that, the company will also simultaneously work on expanding its QR solution.
Along with the launch of its POS device, Paytm also introduced its 'All-in-One PG' and 'Paytm Business Solutions'.
Together, these two solutions complement the newly-launched 'All-in-One POS' device and allow SMEs to create and share payments links and invoices without investing time and resources to build their own platform.
In addition, this suite of business solutions also allows businesses to build their own web storefront using Paytm and further expand their business by acquiring customers digitally.
Through these new feature set Paytm aims to add close to 10 million merchants to its platform over the next 12 to 18 months.
Nandan Nilekani, Co-founder and Chairman, Infosys and founding Chairman UIDAI, who was also present at the launch, said,
"What Paytm is doing is exactly what we envisioned, which is democratising payments. And nobody has done a better job than them. Paytm is a pioneer and I am grateful for their contribution. I think Paytm All-in-One Android POS is a very important device. We do have multiple options and this device brings all together. If small merchants across the country can accept digital payments, that's should be the future. I am glad that Paytm is doing this."
During the launch, the company also announced that the new All-in-One Android POS also supports many industry-specific solutions that will help SMEs to automate their business processes and be more efficient.
Examples include, a ‘Restaurant Management System’, which can accept orders of individual tables, as well as maintain separate bills for every table in the outlet. Similarly, it is bundled with TicketNew and Insider.in, two of the biggest ticketing and events platforms in the country.
Event organisers and movie theatres can also directly issue tickets with the All-in-POS Android machine and accept payments.
Paytm has already piloted its POS device across 1,50,000 merchants across sectors of bus ticketing service, parking management, BFSI, logistics, and home delivery.
(With inputs from PTI)
(Edited by Saheli Sen Gupta)