bizztor

Paytm Introduces QR Code Based Cashless Payments option to its Wallet app

Paytm has introduced a QR code-based payment option in its mobile application. This feature will enable any shopkeeper or an auto driver with a Paytm account to receive payments by allowing wallet-holders to scan a pre-printed QR code using the app. The company will shortly announce the names of restaurants that will be accepting payments through QR codes.

A QR (Quick Response) code is a matrix bar code — a machine-readable label that contains information. In the case of the pre-printed QR codes, the only information it will contain is the Paytm account details of the merchants. After scanning the QR code, the buyer has to merely enter the payment amount and approve the payment.

On the addition of the new capability, Nitin Misra, Vice President – Payment Products, said, “the existing 10,000 merchants, who enable topping up of Paytm wallets with cash, will also be encouraged to accept QR code-based payments as a large number of these points are kirana shops. “Shortly, the company will also launch a merchant application that will give retailers a wider range of functionality in addition to generating dynamic QR codes that incorporate payment information”.

At present, Pizza Hut, KFC and Costa Coffee accept payments through the Paytm app. However, this method requires generation of a one-time password after the customer shares his mobile number. The QR code option will allow even basic service providers to carry a laminated QR code of their account and receive payment, even without a data connection. “They will receive a confirmation through SMS on their basic phone,” said Misra.

 

Get SEO Insights from Experts

We curate top 10 SEO resources every week and share it with our community. Join our Weekly Newsletter to boost your organic traffic.  

COLLABORATION

Let's Discuss
to create the best
digital
solutions.

We’re a team of creatives people who are excited about unique ideas and help SMEs and Startups with their digital growth.

India Office:

Level 12, Building 8C,
Cybercity, Gurugram.
India – 122002

Email: [email protected]
Call: +91 7027030024
Ireland Office:

The Crescent Building,
Block B, Dublin,
D09 C6X8

Email: [email protected]
Call: +353 89 444 6579
Work inquiries

Interested in working with us?

Email:
[email protected]
Copyright ©2020 Bizztor. All Rights Reserved. Bizztor is a trademarks of Bizztor Media Private Limited.
Sidebar Scroll To Top

HEY YOU, SIGN UP AND CONNECT TO WOODMART!

Be the first to learn about our latest trends and get exclusive offers

Will be used in accordance with our Privacy Policy