Saturday, April 20

Now Paytm QR Code Based Payments For Cashless Transaction

Paytm has introduced another innovative feature which would enable more people to shop around cashless. Now pay online to big mega stores, in malls or the cab driver or may be the vegetable vendor in your neighborhood by Paytm QR code.

The QR code or the Quick Response code is a machine readable bar code that stores private information about a customer. The users will just need to scan the QR codes of merchants, enter the amount & approve the payment. The merchants’ QR codes will contain only the merchants’ name and account information.

Paytm is moving quickly and its efforts to bring value to the Indian economy and its customers in an attempt to achieve the goal of cashless transactions in India. Paytm’s endeavor has been to facilitate both online & offline payments.

The QR code feature has been just launched and the list of restaurants or vendors accepting this facility are said to be announced soon.

Nitin Misra, Head of Paytm’s payment products said, that 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.

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