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Paytm launches app-based PoS, accepting all debit, credit cards
Those merchants who are registered with e-wallet Paytm will be able to accept all major debit and credit cards including Rupay, MasterCard, Maestro and Visa, as the company has launched its point of sale solutions. Paytm launches will be at zero setup fee and zero introductory transaction processing cost till the end of this year.
On the new updated App, there is one 'Accept Payment' icon, by which small shopkeepers and businesses can self declare their details and give bank details of account to start receiving payments right away.
The Founder and CEO Paytm, Mr. Vijay Shekhar Sharma said that over 10 million Paytm POS apps are expected to be downloaded by the end of this week. Many merchants have already been accepted the Paytm by extending the merchant network and thereby enabling digital payments to a very large number of Indians. It is a mission to the Paytm to democratize payments and empower even the smallest merchants to be able to accept credit cards and debit card payments from their customers. It obviously contributes to the digitization of our economy.
The card swipe machines charges a monthly rental along with the regular transaction fee over 8,50,000 online merchants including the taxi, autos, petrol pumps, grocery shops, coffee shops, parking, pharmacies, multiplexes, restaurants, hospitals, kirana shops even newspaper vendors do accept Paytm as the payment mode. It can now also be employed to pay at thousands of apps and websites for services such as recharges and bill payments, travel bookings, movie tickets, food ordering and shopping.
Presently there are only 1.4 million Point of Sale Terminals across the country to serve over 750 million consumers across India, who have debit/credit cards. Only 3.5% of all retail outlets in the country accept debit/credit cards with near zero penetration in the mass retail segment which makes up more than 90% of all retail in India.
The app-based POS will enable traditional businesses and merchants to lessen costs since it does not require any monthly rentals for accepting card payments.
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