BENGALURU: Paytm has plans to tap the market involving millions of merchants and small businesses across the country through its various offerings including Point of Sale (POS) device, a payment gateway.
The digital payments major also announced plans to consolidate its presence in the offline markets with the launch of POS device that will serve as one-stop payment solutions for merchants and accept transactions through Paytm Wallet, all UPI-based applications, debit and credit cards as well as 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.
The POS device, according to Paytm, is loaded with some of the features and services that are first of its kind in the payments industry. The device comes with integrated billing software and customised solutions for different industry sectors ranging from ticketing, catering to parking among others. It also features an in-built printer, a scanner and generates bills.
The device can be used to accept payments, print bills and scan items for faster checkout at counters. Announcing the expansion plans of the company, Paytm founder and CEO Vijay Shekhar Sharma said currently a majority of the digital transactions in the country done using debit cards and wallets, including those of merchants/retailers. Paytm has been able to bring on board 16 million merchants on its platform, he claimed.
Through the launch of the POS device, the digital payments major is expecting to sign up another 10 million retailers. Karnataka, Delhi and Maharashtra have been the highest contributors of merchant sign-ups on Paytm, he further said. The POS device has already been run on a series of successful projects including bus ticketing service, parking management, BFSI, logistics, and home delivery.