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Paytm’s Point of Sale (PoS): New Feature Included in Recent Update for Merchants

After the Ban of Rs 500 and Rs 1000 notes in India, Small scale transactions has become the toughest, and many are facing severe problems. Online transactions have become the key source of transactions. The usage of Paytm transactions has increased after the government’s demonetization effect.

During this time, Paytm has introduced the new feature in its mobile application which allows the merchant’s smartphone as the point of sale (PoS) machine. This will accept the payments made through the credit and debit cards.

Paytm India’s largest firm is now resolving the cashless issue in the country with its simple online transactions. After this demonetization move, mobile wallet companies are capturing the huge market.

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

Vijay Shekhar Sharma CEO and Founder for One97 says “India needs a very innovative mobile PoS machine, and Paytm has already been accepted by many merchants. By extending our merchant network to all other payment networks, we are enabling digital payments to a very large number of Indians.”

By using the Paytm PoS machines, you can make all the credit card and debit card payments provided by the banks or even the third party vendors such as Mswipe and Ezetap.

Sudden ban of these notes, pushed the businesses into a loss because of the cash payments. PoS devices are the one-time investment and every transaction charged with the small fee.

Paytm is planning to empower 15 million merchants across the country by providing them with an source to accept the card payments or the transactions through their smartphone.

According to the reports from the company, there are about 75 crore credit and debit cards in India along with 55 crore band accounts. This latest feature is aimed largely that people who are not having the debit card but no need to access their smartphone necessarily.

To check out this new feature, update the #Paytm Mobile Application. The new option ‘Accept Payment’ added which helps the small merchants to let the customer key in their credit/debit card details.

Soon you can book your IRCTC train tickets on e-wallets like Pay Tm, JioMoney and Airtel Money

The merchant receives the money in their Paytm wallet with the zero transaction fee, and on the other hand, PoS machines charge 1-2.5% as the transaction fee. Recently Government announced to waive out the transaction charges on the debit card payments until 31 December 2016.

Paytm Merchants are given the payment acceptance limit of Rs 50,000 a month, specified by the Reserve Bank of India. Mobile wallet payment apps like Paytm, FreeCharge, Mobikwik and PayU are taking advantage of this current opportunity by acquiring the customer base.

For More News Updates: Techfactslive

Transfer Money to Bank Accounts Made Easy by Paytm at 1% fee charges

Modi’s decision of demonetising   Rs. 500 and Rs. 1000 notes have incurred lots of interest in the cash less transfer. The mobile wallets and digital payments are considered to be alternative for the cash crisis. Paytm has en-cashed the situation of the cash hassles by rolling out a new feature in the app. This new feature allows the customers to send money from paytm wallets to any bank accounts at a flat fee of 1%.

More than 85,000 merchants and 30 million users have already used the paytm services in past three days for household services like groceries, petrol, etc.  The e-wallet giant has no charges for transfer between the paytm wallets.

Soon you can book your IRCTC train tickets on e-wallets like PayTm, JioMoney and Airtel Money

Paytm has a user base of more than 150 million widely used in e-commerce market place, other recharges, train bookings, etc.  The flat fee of 1% will be applicable for all paytm wallets which are KYC compiled. For new customers who have not complied KYC forms will have to wait for three days to transfer money to bank accounts. Overall 1% charges will apply to the total amount debited from the paytm wallet.

Other e-wallet platforms like FreeCharge, Ola Money and MobiKwik have seen a surge in the user registration after the cash turmoil.

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