Paytm will invest over Rs 600 crore to enhance manpower, technology and merchant education for digital payment.
The Indian company is acquiring almost a million merchants a month and aiming for over 10 million merchants in 650 districts. QR Code based offline payments already contribute around 65 percent of overall transactions on its digital platform.
At present, more than 5 million merchants are using Paytm’s QR code based payment solution to accept payment from customers at small retail stores, tolls, food courts, hospitals and large retail outlets among others.
All large and small merchants are utilizing the free POS terminal, zero transaction charges and vast Paytm user base to grow their business.
“Our zero percent merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR Code based payments to every nook and corner of this country. We will invest 600 crore this calendar year for scaling up merchant acquisition teams, marketing and cash-backs,” said Kiran Vasireddy, senior vice president of Paytm.
Paytm said its platform is available in 10 different regional languages – Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi thereby resulting in 5x traffic increase for the platform from smaller towns.
