Paytm eyes 5 crore merchants in 2 years

The company has seen 2 crore small merchants using their various services of digital payments like Wallet, UPI, Cards and net-banking.

Hyderabad: Digital financial services platform Paytm aims to equip five crore merchants and equip businesses with 50 lakh IoT (Internet of Things) devices over the next two years. The company that reached monthly payment transactions of 1.2 billion, has unveiled two devices – a smartphone-enabled Point of Sale (PoS) for Android phones and Sounbox 2.0. The company has seen 2 crore small merchants using their various services of digital payments like Wallet, UPI, Cards and net-banking.

“In less than 18 months, over nine lakh merchants have benefitted from our Paytm IoT devices. We are on a mission to bring 5 crore merchants into the mainstream economy and equip businesses with 50 lakh IoT devices over the next two years. We have already deployed about 5 lakh devices in the market,” said Vijay Shekhar Sharma, founder and CEO, Paytm.

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Powered by Visa, MasterCard and Rupay, the phone-based PoS will enable contactless debit and credit payments acceptance through the Paytm for Business app. Paytm aims to equip millions of street hawkers, small merchants, MSMEs, tuck-shop owners, kirana stores who have smartphones with this service. Merchants simply need to sign up on the Paytm for Business App, after which they will be required to download the ‘Paytm Smart POS’ on their Android-based mobile phones. Once downloaded, merchants can start collecting payments from their customers by tapping the card on the back of their smartphones.

TR Ramachandran, Group Country Manager, India and South Asia, Visa said, “Contactless payments or tapping to pay with a contactless card or mobile device, have fast emerged as the preferred way to pay globally with nearly 60 per cent of Visa transactions outside of the US occurring with a tap.”

On the other hand the Soundbox 2.0 will provide instant voice and visual confirmation in English and regional languages. While the device is being currently imported from Taiwan, China and a few other countries, Paytm is planning to get the device manufactured in India soon.

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