Paytm crosses 100 million UPI handles on its payments platform
Paytm, on Tuesday, announced that the total number of UPI handles on its Paytm Payments Bank platform has crossed the 100 million mark. The company attributed the success to its latest all-in-one QR code that accepts payments from all UPI-based platforms, thereby making the process of receiving payments easier and hassle-free for merchants and retailers.
Satish Gupta, MD and CEO of Paytm Payments Bank, said,
"We have embraced UPI since its launch and have expanded its reach to the small cities and towns. Our focus remains on expanding UPI payments at offline retail stores. We will continue to leverage UPI into all our products and offerings.”
Customers can simply scan the QR code to make payments from any of his preferred payment platforms. Merchants can receive unlimited payments directly into their bank accounts at zero percent fees.
The company said it is the only QR in the country that accepts payment through Paytm Wallet, RuPay cards and all UPI-based platforms.
Vijay Shekhar Sharma, Founder of Paytm
Similarly, Paytm all-in-one POS is another product for small businesses and merchant partners across the country. This Android device helps merchants to accept payments through all modes, including Paytm Wallet, all UPI based apps, Debit and Credit Cards and most importantly ‘Cash’.
Besides 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. It is pre-bundled with cloud-based software for billing, payments, and customer management; and supports many industry-specific solutions.
According to Paytm, its payments bank continues to be India’s most comprehensive platform of funding sources including 300 million wallets, 220 million saved cards and 55 million bank accounts on the platform.
In an interaction with YourStory recently, Founder and CEO Vijay Shekhar Sharma said Paytm is all set to be profitable over the next 18 to 24 months.
“We have been able to see our EBITDA losses reduce by 50 percent year on year. Our loss in January 2020 as compared to 2019 has halved. And, over the runway of the next 18-24 months, we can expect to be profitable,” Vijay said.
(Edited by Saheli Sen Gupta)