Paytm has launched the ‘Paytm for business’ app, which is geared towards merchants on Android on Monday. The app is designed to allow merchants to quickly sign up for the platform and get a Paytm QR code.
A press statement from the company mentions that the app will allow merchants to manage their daily transactions and day-end reconciliations. It will also allow merchants to track payments and settlements made to their preferred bank accounts. Users can instantly generate a Paytm QR code which can be printed out and placed in their business establishment. Merchants will be able to accept unlimited payments and transfer directly to their bank accounts at 0% charge, the statement adds.
The app, currently available in 10 languages, supports downloading of daily, weekly and monthly transaction statements, and gives access to critical information like estimated time of bank settlement, and Unique Taxpayer Reference (UTR) numbers among others.
Whatsapp for businesses
Paytm isn’t the only company looking to bring small businesses to its platform. Last week, WhatsApp officially launched the ‘WhatsApp Business App’ that is built for small businesses who use the platform to engage with customers. This launch is the Facebook-owned entity’s first major step towards monetising a section of its over 1.3 billion active user base.
The free app (free for now) helps companies connect with their customers and establish an official presence on WhatsApp. Business accounts will be able to set up automatic replies, see statistics about their messaging and set up a profile page with information like information such as address, business hours, and description of product or service offered within hours of operation.
WhatsApp is also looking to directly step on Paytm’s turf as it is reportedly set to launch a built-in payments feature by the end of February. A report on the Economic Times last week quoted unnamed sources saying, the messaging app is at various stages of integrating its Unified Payments Interface (UPI)-based payments feature with State Bank of India, ICICI Bank, HDFC Bank and Axis Bank.