Paytm targets offline merchants with new QR code-based service, ties up with Samsung
Paytm expands its QR-based network in India.
Paytm has introduced a new QR code-based mechanism that allows consumers to purchase products from Paytm Mall at the offline stores. Currently, Paytm has partnered with Samsung for the latter’s smartphones. The company is likely to extend the partnership with other brands in the future.
To get started, customers can visit the Paytm partner stores and scan the QR code using the Paytm or Paytm Mall app to browse products and place orders. According to Paytm, the system allows merchants to sell products online without needing to deal with the hassle of inventory and deliveries. Though customers can also pick products from the local stores as well.
Besides ease of inventory management, another perk for merchants from Paytm is the commission. “The seller would earn a percentage margin on each purchase made after scanning the Paytm QR code. This margin would vary 3-20 percent based on the product,” an ET report quotes a Paytm spokesperson as saying.
“This platform will also be beneficial for the partner merchants enabling them to grow their business and garner additional revenue,” said Amit Bagaria, Vice President, Paytm Mall.
Paytm’s new QR-code based service comes weeks after the company announced plans to invest Rs 600 crore on the QR code-based payment network this year. The company is also targeting to have 10 million QR-enabled merchants in 650 districts by December.
“Our 0 percent merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR code-based payments to every nook and corner of this country,” said Kiran Vasireddy, senior vice president, Paytm, had said. ALSO READ: Paytm introduces insurance cover for its digital wallet; here’s how it works
Last week, the company announced that Paytm Mall witnessed sales of over Rs 100 crore in the two-wheeler category. Paytm Mall’s two-wheeler booking platform includes offerings from brands like Suzuki, Honda, Hero and Yamaha, among others. The company sold 50,000 units in 2016. The aim is to sell over half a million two-wheelers this year, a company statement said.
Launched in 2010, Paytm boasts over 200 million users and 5 million merchants. Other than focusing on its online marketplace, Paytm has also been taking significant steps to make its existing digital payments service more robust. Last month, the company announced a new insurance cover to protect users’ money in its digital wallet. It also announced its first outside India bill payments service in Canada. ALSO READ: Paytm partners Booking.com to expand its travel marketplace