Paytm Aims To Drive Its Offline Digital Payments
Paytm, the digital payments major is all ready to make an entry in the physical PoS (point-of-sales) terminal business and is aiming to launch PoS devices at vendor outlets all over the nation, as per 2 sources well known with the development.
The payments giant, which was employing QR codes to increase up to its offline digital transactions, is now starting card payments at vendor locations too.
“The plan is to provide consumers with all types of digital payments. What Paytm is performing via UPI motivating bank-to-bank transactions, this is something same where they are making an entry into all types of digital payments via PoS,” claimed the source mentioned above who is well known with the matter.
Paytm is believed to be attempting to convey in both conventional PoS terminals, which operate on landline or GPS as well as mobile PoS terminals. By conveying in PoS terminals, the firm is also following PhonePe’s footsteps, one more digital payments behemoth that uses Bluetooth-enabled PoS terminals at vendor locations.
“Paytm already is equipped with QR payment facilities, but in regions where users favor card payments, it will arrange card-reading machines,” claimed one more source well known with the development. “But QR codes will stay the zero cost approach for the vendors.”
When it comes to physical acceptance points, Paytm will be vying directly with Axis Bank, HDFC Bank, State Bank of India, and ICICI Bank, which are the primary merchant acquirers in the business of PoS.
According to data from RBI, the amount of PoS terminals now lies at almost 3.1 Million and the management has set a goal of 5 Million terminals by the end of 2018.
On a related note, Paytm is providing great discounts on various handset brands. These handsets include devices from Nokia, Motorola, Oppo, and much more with discounts and cash backs.