Just In
- 3 hrs ago Dell Introduces AI-Powered Laptops and Mobile Workstations for Enterprises in India
- 4 hrs ago Meta AI Powered by Llama 3 Takes Aim at ChatGPT and Gemini: All You Need to Know!
- 5 hrs ago OnePlus Ace 3 Pro Leak Hints at New Design; Expected Launch, Specifications We Know So Far
- 5 hrs ago Vivo V30e Launch Date in India set for May 2: Flipkart Availability Confirmed
Don't Miss
- Movies Crew Box Office Collection Day 21: Kareena's Film Barely Sees Growth; Crosses Rs 70 Cr In 3 Weeks
- Finance 8 Tata Group Stocks To Buy That Will Pay Dividends Soon, Q4 In Focus; Are You Invested?
- Sports Australia Women Cricketer Ashleigh Gardner gets engaged to partner Monica Wright
- News Iran Embassy In Paris Cordoned Off Following Reports Of Suspect With Explosives
- Automobiles Suzuki Swift Hatchback Scores 4 Star Safety Rating At JNCAP – ADAS, New Engine & More
- Education NLSIU Announces the Rajiv K. Luthra Foundation Grant
- Lifestyle Summer Fashion: Your Bollywood Style White Outfits Guide To Keep It Cool And Chic
- Travel Journey From Delhi To Ooty: Top Transport Options And Attractions
Paytm to invest Rs 600 crore in QR
If you are not familiar with QR code, it is a barcode with array of black and white squares which is basically used to store information such as weblinks or a merchant's bank account details
In a bid to get more gains from demonitization, Paytm plans to invest over Rs. 600 crore to develop a (quality response code) QR-based payments solution.
If you are not familiar with QR code, it is a barcode with array of black and white squares which is basically used to store information such as weblinks or a merchant's bank account details.
Commenting on the development, Kiran Vasireddy, Sr. Vice President, Paytm said, "We are on a mission to democratize digital payments. Our zero% merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR Code based payments to every nook and corner of this country."
SEE ALSO: Airtel, Idea Cellular, RCom may face loss in Q4 2016, says experts
Vasireddy says, "we will invest RS.600 crore this calendar year, which will be used for scaling up merchant acquisition teams, marketing and cash-backs. We will have over ten million merchants on our platform before December'17, which also puts us on the right path to build one of the largest payment networks in the world."
The company says, QR code based payment solution is already powering more than 5 million merchants today and is heavily used by consumers to pay in their everyday lives at kirana stores, tolls, food courts, hospitals and large retail outlets among others.
"The company is acquiring almost a million merchants a month and aiming for over 10 million merchants in 650 districts of the country. Within a year of launch of its QR Code based offline payments, it already contributes around 65 percent of overall transactions on its platform," it added.
Last month Paytm also received regulatory approval from the Reserve Bank of India (RBI) to launch its payments bank.
-
99,999
-
1,29,999
-
69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
62,425
-
1,15,909
-
93,635
-
75,804
-
9,999
-
11,999
-
3,999
-
2,500
-
3,599
-
8,893