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January 8, 2020Blog Posts

Paytm targets merchants to fight back Google and Walmart in India’s crowded Payments field

TechCrunch

Paytm announced two new features for businesses as the financial services firm looks to expand its reach in the nation that has quickly become one of the world’s most crowded and competitive payments markets.

The Noida-headquartered firm, which raised $1 billion in late November, said its app for businesses now features an “all-in-one” QR code system to accept payments from multiple platforms, including mobile wallets (that act as an intermediary between a user and their bank but provide convenience) and those that are powered by UPI, a payments infrastructure built by a coalition of banks that has been widely adopted by the industry players.

Merchants had expressed an interest in having one QR code that could understand any payments app, said Vijay Shekhar Sharma,  the founder and chief executive of Paytm’s parent firm One97 Communications. In addition to supporting mobile wallet apps, and UPI-powered payment apps, Paytm’s new QR codes also support payments through popular Rupay cards.

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