With its cutting-edge payment solutions like All-in-One QR and Soundbox, India’s top mobile payments, and financial services provider the Paytm has helped millions of small and medium-sized enterprises grow. Paytm is assisting merchants to join India’s burgeoning digital economy, from small corner grocery stores to the numerous street vendors lining its roads, towns, and rural areas.
All About Paytm’s Journey!
The All-in-One QR from the Fintech giant offers businesses a quick and safe way to accept payments from any UPI app, Paytm Wallet, and even Paytm Postpaid. By recognizing business issues that may be resolved with technology, the fintech pioneer has made it simple and affordable for merchants to access technology.
In India, the company was the first to introduce Soundbox, a cutting-edge technology advancement that has brought retailers unrivaled ease. The unique Paytm Soundbox provides retailers with immediate voice notifications for each payment made using the QR code. The system supports 11 languages, enables payment tracking for retailers, and guards against erroneous confirmations and customer fraud.
By joining the ecosystem of the firm, Paytm merchants benefit. As of December 2022, there were 31.4 million registered merchants, an increase of 26% from the previous year. One of the biggest merchant networks in India is this one. The company is concentrating on growing its merchant network to include a variety of companies from various industries. Merchants all around India have embraced its QR and Soundbox in a variety of industries, including retail, groceries, food, transportation, and more. The organization also provides loans to qualified merchants in collaboration with lenders to support the expansion of their businesses.
In Q3 FY 2023, the Fintech giant disbursed 253% more merchant loans than the previous year, and the total amount of those loans increased by 285%, reaching 1,825 crores. To businesses that had placed Paytm payment devices, over 85% of the value distributed during the quarter went. The management of Paytm stated in the company’s Q3 FY 2023 earnings calls that its merchants are dispersed over more than 450 cities and towns and that it intends to increase this to about 1,000 towns in the following two to three years.
The fintech giant maintains its dominance as the industry pioneer in offline payments. More than 6.8 million retailers were paying subscription fees as of the end of March 2023 for its PoS and Soundbox payment devices. Paytm has used its extensive and expanding merchant network to establish a solid presence in the digital lending sector in India, which includes everything from temples and gardens to street vendors and grocery stores.
Paytm has amassed a sizable merchant base from major and minor locations all over the nation as the driving force behind the digital transformation of innumerable enterprises.
Users of Paytm frequently post touching pictures and accounts of small and large businesses that have successfully made the switch to accepting digital payments as a result of the fintech pioneer.
Paytm has been synonymous with mobile payments in India due to the widespread use of its payment solutions, such as All-in-One QR, Soundbox, and POS. This has made it possible for small and medium-sized businesses to keep up with the quickly changing and expanding digital payments landscape.
