To step up its efforts to rival Google’s unified payments interface (UPI) application Tez, digital payment company Paytm is now pushing for the QR code to become the primary method of acceptance of payments using either UPI or debit cards at zero cost.
The Indian government recently subsidised the charges on debit card payments that are usually borne by small merchants, presenting an opportunity for digital payments companies to make QR codes the main mode of payment like China’s Alipay, as reported by The Times of India.
Paytm’s chief operating officer Kiran Vasireddy, in a blog post said: “We have been at the forefront of mobile payments in India. Today, Paytm is accepted at millions of large retail chains as well as small stores across the country, and we are committed to building the best payments infrastructure for our merchant partners. We are an open payments platform with the full range of choice available to our merchants & customers alike. We will continue to invest in our payments network to give every small & large merchant the power of mobile payments with Paytm.”
Paytm is intensifying its operations in India to further challenge Amazon and Flipkart, with its eCommerce platform, Paytm Mall rolling out its first ad across TV and online media, aim at reinventing shopping in India. It has also introduced its own Paytm Bank.
Source: The Drum