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Mobile Payments

Paytm to boost mobile payments in India

Tuesday 14 February 2017 | 10:11 AM CET

Indian mobile wallet provider Paytm has announced plans to increase the number of stores where its QR code-based service is available from 3.5m to 10m.

Currently, 35 lakh merchants including organised retailers, hospitals, and other stores use the facility for their businesses. The number of offline merchants in November was close to 1 lakh and the company had hired 10,000 field-force to ramp up the number of offline users post `demonetisation.'

The company is touting its QR code payment system as an alternative to Point-of-Sale (PoS) machines which are expensive and take longer timelines to deliver.

The number of PoS machines across the country in October 2016 is estimated to be over 15 lakh according to RBI data.

QR code-based payment is linked to the verification documents and KYC collected for each business. Hence an individual running multiple businesses can track the transaction for each business, avoiding duplicity, according to the company.

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