Demonetisation has given a boost in mobile wallet apps in India, new innovations are the way forward for any mobile wallet to gain market share and Paytm is surely at the thick of things in this regard. In a press conference on Wednesday, Paytm unveiled its app-based POS (Point of Sale) to enable small merchants to accept debit and credit cards.
The updated Patym’s app is consisting this new feature where there is an ‘accept payment’ icon which can be used by small businesses and shopkeepers by submitting their bank account details and can receive payments instantly.
Also, the mobile wallet app is offering an introductory 0% fee for Rupay, Visa, Master and Maestro debit cards till 31st December, 2016.
“India needs a very innovating mobile pos machine and Paytm has already been accepted by many merchants. By extending our merchant network to all other payment networks, we are enabling digital payments to a very large number of Indians.”
Paytm CEO and Founder Vijay Shekhar Sharma said at an event launch.
With 150 million users, paytm is already blooming in the market and now its new app-based POS service; the mobile wallet app will look to add approximately 15 million merchants across the country. However, currently there is only 3.5% of all retail outlets in India which accepts debit and credit cards with zero penetration of POS services in the mass retail segment which makes up for more than 90% of all retail in India.
Meanwhile, Vijay Shekhar Sharma told media that “We are on a mission to democratise payments and empower even the smallest merchants to be able to accept credit and debit card payments from their customers. We are very proud that we are able to contribute to the digitisation of our economy.”
Currently, paytm claims to register an average 5 million transactions on its app worth an annualized GMV of Rs 30,000 crores.