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.
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.
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.