Indian financial firm Paytm will intensify efforts to become a major player in one of the world’s biggest payments markets, according to reports on Wednesday, Jan 8.
After raising $1b last November, the Noida-headquartered firm confirmed its business app now features a comprehensive QR code system operating on multiple platforms, accepting payments from diverse sources, including mobile wallets as well as any powered by UPI, a systems infrastructure widely utilized in the industry.
Businesses have been very interested in one QR code that understands multiple payment apps, said Vijay Shekhar Sharma, founder and CEO of Paytm’s parent firm One97 Communications. Paytm’s new QR codes also operate through the popular Rupay cards. “I am sure this QR will accelerate the Digital India mission and make more financial services available to the underserved,” he said.
Merchants can stick these QR codes on battery packs and chargers to enable fast user transactions, Sharma explained at a press conference today.
Currently valued at around $16 billion, making it India’s highest-valued startup, Paytm additionally debuted a new accounting feature allowing businesses to better maintain daily records, Sharma told reporters.
“Paytm Business Khata,” as it’s known, helps merchants log financial transactions, oversee payments, and secure insurance and loans. The service also will set a reminder for any credit transactions, sending links and audio alerts to customers, Sharma said.
He stated Paytm’s business app has more than 10 million merchant users, and he expects that amount to more than double by 2021.
Sharma’s announcements confirm Paytm’s aggressive push to expand its service.
Credit Suisse estimates India’s payments market value at $1 trillion over the next four years, increasing from just over $200 billion currently. This market is about to get more crowded when WhatsApp debuts its own payments service in the coming months.
