New Delhi, Feb 20 (IANS) Mobile payment and e-commerce platform Paytm on Monday announced that it will invest Rs 600 crore in its QR code-based payment solution to enable digital payments for merchants across India.
Paytm's QR code-based solution is already powering more than five million merchants and is used by consumers to pay at kirana (grocery) stores, tolls, food courts, hospitals and retail outlets.
"Our zero per cent merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR code based payments to every nook and corner of country," said Kiran Vasireddy, Senior Vice President, Paytm, in a statement.
Currently, the Paytm app is available in 10 regional languages, including Hindi, to make digital payments accessible to all.
Within a year of launch of its QR code-based offline payments, it already contributes around 65 per cent of overall transactions on its platform, the company said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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