Paytm said that it will be investing Rs 600 crore this year to acquire 10 million merchants in over 650 districts. The company is investing in scaling up manpower, technology, and merchant education so they can transact digitally for the first time. Paytm will be using its QR code-based payment solution to bring these merchants on digital payment platforms. "We will invest Rs 600 crore this calendar year, which will be used for scaling up merchant acquisition teams, marketing and cash-backs," Kiran Vasireddy, senior vice president at the company said in a note. The announcement comes shortly after card networks Visa, MasterCard, RuPay and American Express which launched the BharatQR which will offer an inter-operable QR code system. Wallets and the UPI are not a part of the payment system yet. Wallets’ QR code systems, such as Paytm's, are a closed systems and work only between the wallet users. Paytm’s QR code payment solution is being used at more than 5 million merchants today. It received a huge fillip following the demonetization of Rs 500 and Rs 1000 notes in November 2016. The QR Code payments contribute to around 65% of overall transactions on its platform. Earlier this month, the company said it would be extending the zero percent fee to transfer money to bank accounts to all customers and merchants. Typically, Paytm charges a fee to transfer money to bank accounts. It charges 1% for customers and merchants who have completed their KYC and 4% if they have not completed their KYC. Last week, the Reserve…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...