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Paytm to enable cashless payments using QR codes

  • Digital
    payments and electronic wallet start-up Paytm has introduced QR code-based
    payments on the Paytm Wallet app,
    Gadgets360
    reported.
  •  
  • Meant to be
    used at small stores and service providers, the feature is part of the
    company’s bid to drive acceptance of digital payments in the country. Paytm
    says the QR code can be used by the shopkeeper or service provider to start

    • Digital
      payments and electronic wallet start-up Paytm has introduced QR code-based
      payments on the Paytm Wallet app,
      Gadgets360
      reported.
    •  
    • Meant to be
      used at small stores and service providers, the feature is part of the
      company’s bid to drive acceptance of digital payments in the country. Paytm
      says the QR code can be used by the shopkeeper or service provider to start
      accepting digital payments, with customers paying via the Paytm Wallet app –
      either via wallet balance or a saved card.
    •  
    • In the case
      of the pre-printed QR codes, Paytm says the only information they will contain
      are the account details of the merchants. After scanning the QR code of the
      merchant, the buyer has to enter the payment amount and approve the payment.
      The merchant does not need a data connection for the transaction to complete,
      and will receive a transaction confirmation through SMS.
    •  
    • The company
      adds that merchants will also be able to generate dynamic QR codes which will
      contain the amount to be paid as well, in addition to the merchant’s Paytm
      details.
    •  
    • Currently,
      the Paytm method to make payments at physical stores generates a one-time
      password after the customer’s mobile number is received. With the new QR
      code-based system, Paytm says it hopes to play host to more merchants.
    •  
    • “The
      existing 10,000 merchants, who enable top-up of Paytm wallets with cash, will
      also be encouraged to start accepting QR code-based payments as many of them
      are kirana stores. We see high applicability of this solution with local retailers
      & service providers like handyman, autos, small restaurants and kirana
      stores. The benefits for merchants are freedom from handling cash, instant
      payments and much lower operational costs. Customers can now pay exact amount
      and don’t have to carry cash around. Shortly, we will also launch a payment
      merchant application that will give retailers a wider range of functionality,”
      Nitin Misra, Vice President – Payment Products, said.

     

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