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Paytm launches Paytm for Business to help merchants go digital
Atom Digital Payments Monday, January 22, 2018 - 21:13
Written by  S. Mahadevan

As part of Paytm’s aggressive expansion plan, it has now made its next move towards scaling up the merchant establishments signing up for its payment gateway through online recruitments with the launch of its business app.

Any business establishment, small or big, needs to just download an app Paytm for Business from the Android Play Store. The overall process has also been made simple for them as they can create their own QR code from within the app and use it to receive digital payments.

According to a report in Inc42, Paytm hopes that it can add a substantial number of merchants through the digital route to complement the existing offline merchant strength of 6 million. Many of them may also download the app and go digital. The app allows the merchant establishments to manage the payments and the reconciliation at the end of the day, as most merchants do with the payments they accept through credit and debit cards.

Kiran Vasireddy, COO Paytm said in a statement that it is committed to making the acceptance of payments at points of sales easier and less cumbersome for the merchant establishments.

As mentioned, the app permits the businesses to create their own QR code, get it printed and display it on their outlets. When customers swipe their phones to settle the payments, the amounts will be directly credited to the designated bank accounts and the merchant establishment can keep tracking the amounts whenever they desire. There are no bank charges attached to this process.

In addition, the merchants can go on and share their Paytm QR code with their customers online using messaging services like WhatsApp and receive payments for services rendered or products supplied. What’s more, Paytm is releasing the app in 10 regional languages and the businesses can view the transaction details directly and set the periodicity of the reports, like weekly or monthly to view the statements.

While the digital payments scene came to the fore following the demonetization move by the Indian government in November 2016, it was reported that there was a decline after the money circulation became normal. However, the trend seen in the past few months indicates it will keep going North.

In fact, if one were to go by a recent report by Google and Boston Consulting Group, the digital payments volume in India is projected to touch $500 billion by the year 2020. This could constitute 15% of GDP by then. These are huge figures and no wonder, Paytm and many others are chasing the low hanging fruits.

Paytm is reported to have clocked 255 million transactions in the month gone by and is aiming to reach a GMV of $14 billion, by the time the current fiscal year closes.