Paytm has a user base of 17 million or 1.7 crore merchants.In an work to de-clutter the digital payments ecosystem and augment the use of on the web payments, Paytm has announced that merchants will now be permitted to get limitless payments by means of its Paytm Wallet at a % charge, along with UPI and Rupay Cards. “With this, we aim to benefit more than 17 million (1.7 crore) merchants who can enjoy a 0% fee on all their digital payments with direct settlement in their bank accounts,” paytm stated in a weblog on its web-site. Paytm is a single of the biggest payment options providers in the nation with a huge consumer base. Of the 17 millions merchants that use Paytm, Goldman Sachs not too long ago stated, a huge 70% are active.
Paytm stated that its move to let merchants to get limitless payments by means of Paytm Wallet will offer them with a single point of reconciliation for all their payments, not requiring them to use a number of QRs codes. “All they need is Paytm ‘All-In-One QR’ to accept payments from Paytm wallet, Paytm UPI, or any other UPI app,” Paytm stated. This All-in-a single QR code will allow merchants to get payments from any bank account or any rupay card, along with paytm wallets at zero charge charged by the business.
The payments firm has been termed as a ‘potential super app with payments as core’ by worldwide investment bank Goldman Sachs. “Paytm currently is the leading mobile payment platform with 150-200 Mn active users and 16 Mn merchants,” stated worldwide investment firm Bernstein. Paytm counts, Softbank, Ant Financials, and Warren Buffett’s Berkshire Hathaway as its investors.
“In recent months, we have invested heavily in driving financial inclusion for merchants across our country. This is our humble effort to provide a big boost for SMEs, Kirana merchants, wholesale traders, retailers and freelancers in the quest to accelerate the growth of digital and mobile payments across the country,” Paytm stated. After its final round of funding in November of 2019, Paytm was valued at $16 billion.