Paytm starts services for business to accept card payments on Android phone
Financial services platform Paytm on Tuesday launched two new Internet of Things (IoT)-based payment devices, helping businesses to accept card payments on Android phones.
The Paytm Smart PoS application allows smartphones to accept debit and credit card payments like an electronic data capture machine does. Supported by the Paytm for Business app, the Smart PoS will enable merchants to start accepting contactless card payments. The payment will be enabled through the near field communication (NFC).
Paytm has partnered with financial services institutions, including Visa and MasterCard, for facilitating card payments for Smart PoS.
Merchants need to sign up on the Paytm for Business App, after which they will be required to download the ‘Paytm Smart PoS’ on their Android-based mobile phones. Once downloaded, merchants can start collecting payments from their customers by tapping the card on the back of their smartphones. The payment is then successfully collected and transferred to the merchant’s account along with the other QR payments. This provides the businesses with a single-point easy reconciliation.
The Paytm for Business app is used by over 1 crore businesses, said the company.
“Contactless payments or tapping to pay with a contactless card or mobile device, have fast emerged as the preferred way to pay globally with nearly 60 percent of Visa transactions outside of the U.S. occurring with a tap. Paytm’s foray into the contactless card payment ecosystem will truly help propel the adoption and usage of contactless cards across India," said TR Ramachandran, Group Country Manager, India and South Asia.
Paytm upgraded its IoT device, Soundbox 2.0. The new device, unlike its previous version, comes equipped with a digitally enabled screen that gives instant visual confirmation of the paid amount along with a voice-based response.
Merchants can also tap the "function button" twice to fetch the payment summary for the entire day. Paytm Soundbox 2.0 smart device also allows merchants to record the net amount corresponding to the merchant's collection along with voice-based confirmation. It also announces when the device has a full battery life of running out of charge. The device comes equipped with a 2000 mAh battery, has a SIM card slot and can be operated without a WiFi connection.
From an earlier one time charge of Rs 500 and a monthly payment of Rs 100, the Soundbox 2.0 will be available for merchants now at a one time cost of Rs 750, followed by a monthly charge of Rs 125. Merchants will be able to order Soundbox 2.0 online from Tuesday. The company is targeting 2 million Soundbox 2.0 devices this financial year.
"Paytm is committed to bringing new-age financial technologies and services to 5 crore small and micro- merchants in India. Today’s launch of Soundbox 2.0 and Smart POS for Android phones expands opportunities for small businesses to experience these latest technologies at the most affordable price. Our in-store payment offerings including the pioneering All-in-One QR are examples of the best Made in India technology," said Vijay Shekhar Sharma, founder and chief executive officer of Paytm.
Paytm has over 9 lakh merchants using its IoT devices, and is on a mission to bring 5 crore merchants into the mainstream economy and equip businesses with 50 lakh IoT devices over the next few years.
Paytm recently said that it has achieved over 1.2 billion monthly transactions led by the massive growth in offline payments and financial services. It has the highest market share in offline payments with 15 per cent month-on-month growth.