NEW DELHI : Digital payments company Paytm today launched an updated app that will allow small shopkeepers to accept payments made through credit and debit cards.
The app will be particularly useful for small shopkeepers without card swiping machines, ensuring they do not lose out on business amid the ongoing cash crunch following demonetisation.
“Paytm has updated its app to launch India’s first APP POS, which will democratise digital payments. With this, any shopkeeper who has a smartphone and mobile internet, can accept debit and credit card payments from customers,” Vijay Shekhar Sharma, Founder and CEO – Paytm said.
Explaining the new facility on its app, Paytm said that under `Accept Payment’ icon, small shopkeepers and businesses can self-declare their details and provide bank account details to start receiving payments instantly up to Rs 50,000 a month as stipulated by RBI.
The shopkeeper will generate a bill for the item sold and hand over the phone to the customer for entering card details. The details, entered by the customer, will not reside on the app itself, but on the bank’s website, making the process secure, Paytm said.
This comes at a time when scrapping of old Rs 500 and Rs 1,000 currency notes has forced consumers to adopt digital payment and cashless transactions, to tide over the liquid cash crunch.
Mobile wallet companies including Paytm, have seen manifold increase in transactions and new users coming on board with people turning to digital platforms as serpentine queues outside ATMs continue to hassle cash-strapped public.
Stating that there are 740 million cards in India at present, but only 1.5 million POS machines, Sharma said that he expects 10 million app POS to be downloaded before the weekend. As many as 15 million app POS merchant are expected by November-end, he added.
Paytm will not charge transaction fee for the same till December 31. (AGENCIES)
Follow our WhatsApp channel
