How Paytm Became The Leader In Merchant Payments With Pioneering Solutions Like Paytm QR And Soundbox?

0
5
How Paytm Became The Leader In Merchant Payments With Pioneering Solutions Like Paytm QR And Soundbox?

New Delhi: India’s leading mobile payments and financial services company Paytm has been instrumental in empowering millions of small and medium businesses with its innovative payment solutions like All-in-One QR and Soundbox.

From the local grocery stores to the street vendors dotting the cities, highways, and remote corners of India, Paytm is helping merchants join the nation’s thriving digital economy.

Paytm’s All-in-One QR is a simple and secure way for merchants to receive payments from any UPI app, Paytm Wallet, and even Paytm Postpaid. The fintech pioneer has made access to technology easy and affordable for merchants by identifying merchant problems that can be solved using technology.

Paytm pioneered Soundbox in India, a cutting-edge technological innovation that has added unparalleled convenience for merchants. Paytm Soundbox is an innovative device that helps merchants with instant voice notifications for every payment received via Paytm QR.

The device supports 11 languages ​​and allows merchants to keep track of payments, and prevents false confirmations and customer fraud.

Paytm merchants derive value by becoming a part of the company’s ecosystem. It has a registered merchant base of 31.4 million (as of December 2022), increasing by 26% year-on-year. This is one of India’s largest merchant networks.

Paytm is focused on expanding its merchant network to cover a diverse range of businesses from various sectors. Its QR and Soundbox have been widely adopted by merchants across India in various sectors such as retail, grocery, food, transportation, and more.

In partnership with lenders, the company also offers loans to eligible merchants to enable their business growth.

The number of merchant loans disbursed by Paytm grew 253% YoY in Q3 FY 2023, while the value of merchant loans grew 285% YoY to ₹1,825 crore. More than 85% of the value disbursed during the quarter was to merchants with a deployed Paytm payment device.

Paytm’s management had said in the company’s Q3 FY 2023 earnings calls that its merchants are spread across more than 450 cities and towns and it plans to expand this to approximately 1,000 towns in the next two to three years.

Paytm continues to strengthen its position as the leader in offline payments. As of 31st March 2023, more than 6.8 million merchants are paying subscriptions for its payment devices like Soundbox and PoS.

From temples and gardens to street vendors and grocery stores, Paytm has also leveraged its large and growing merchant network to create a strong foothold in the digital lending market in India.

As the driving force behind the digital transformation of countless businesses, Paytm has acquired a large number of merchants from big and small cities across the country.

Paytm users often share heartwarming images and stories of merchants of all ages and sizes who have seamlessly transitioned to digital payments, thanks to the fintech pioneer.

“82 year old mausi accepting paytm. India has revolutionized the way people transact and #Paytm has been on the forefront,” tweeted a user recently. He shared a picture of an elderly woman who is selling snacks accepting Paytm.

Another Twitter user, Kumar Ankit, shared a picture of a grocery shop in remote Bihar accepting payments with Paytm QR. “My car broke down in the middle of nowhere in Gaya, Bihar. Nearest mechanic and petrol pump is 10 kms away.

But, you have a small shop with Paytm. Interestingly the QR code was covered in plastic – he said “bhaiya aise saaf rehta ha”. He gets 10-15k per month on Paytm even here,” he captioned the image.

The widespread adoption of Paytm’s payment solutions including All-in-One QR, Soundbox and POS has made Paytm synonymous with mobile payments in India, enabling small and medium merchants to keep up with the rapidly evolving and growing digital payments landscape.

,Disclaimer: This is featured content,

LEAVE A REPLY

Please enter your comment!
Please enter your name here