Patym has updated its app to include this new feature. There is an ‘Accept Payment’ icon now in the updated app where small businesses and shopkeepers can self-declare their bank account details to start receiving payments instantly.
The mobile wallet app is also offering an introductory 0 per cent fee for Rupay, Visa, Master and Maestro debit cards until December 31st.
“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 the launch event.
Paytm already enjoys a 150million user base and with the new app-based POS service, the mobile wallet app will look to add 15 million merchants across the country. Paytm already claims its India’s largest mobile payment and commerce platform with the service accepted by grocery shops, restaurants, coffee shops, multiplexes, hospitals and by taxi and auto drivers.
Currently, only 3.5 per cent of all retail outlets in India accepts debit and credit cards. There is nearly zero penetration of POS services in the mass retail segment which makes up for more than 90 per cent of all retail in India.
With the introduction of app-based POS, Vijay Shekhar Sharma added, “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.”
Paytm currently registers an average 5 million transactions on its app worth an annualized GMV of Rs 30,000 crores.