Paytm’s Leadership in In-Store Payments Makes It Merchants’ Preferred Choice

From QR codes and Soundboxes to Paytm Card Machines, Paytm is the preferred choice for seamless in-store payments.

How Paytm karo became synonymous to digital transactions

Courtesy - Paytm

'Paytm Karo,' from being two simple words to becoming a verb for mobile payments. The fintech giant has empowered millions of Indian consumers and merchants with its technology-led solutions that has made it a household name. The company has been instrumental in the digital transformation of the country, making mobile payments the norm.

With its ground-breaking innovations, Paytm has played a major role in evolving payments and financial services infrastructure in the country. From QR codes and Soundboxes to UPI Lite, the company has made these terms mainstream. Paytm’s affordable and accessible solutions for in-store payments has made it the most preferred choice for merchants who want to digitise their business for their future growth.

Payments as we knew changed forever with the launch of Paytm Wallet in 2014. This marked the beginning of mobile payments that got a further push when Paytm brought the QR Codes to us. Through Paytm pioneered QR Codes, ‘scan and pay’ emerged as the most common mode of payment. The QR Code allowed small merchants to seamlessly accept mobile payments. Meanwhile, for the customers also, the process of making payment was made easier by simply scanning and entering the amount.

Another product that created a storm in in-store payments is the Paytm Soundbox. The Paytm Soundbox is an industry-first solution that gives real-time payment confirmations to merchants. It has emerged as the sound of mobile payments in India. From street vendors to big merchants, Paytm’s Soundbox is helping them all by protecting them from frauds. The device ensures that the country's small shopkeepers never miss a digital payment and confidently complete transactions.

Paytm has taken UPI to every nook and corner of India, always being the first to launch NPCI’s innovations on its platform. NPCI launched UPI in 2016 With UPI Lite and UPI payments through RuPay credit cards, the company empowered users with more convenient modes of transactions. UPI Lite for small-value transactions of up to ₹200, ensured lightning fast transactions that never fail. In a short span, Paytm’s UPI Lite has become a popular payment method for users for single-click transactions. With UPI payments through RuPay credit cards, Paytm has further boosted the credit ecosystem in India.

All these products have strengthened Paytm’s leadership in in-store payments. The number of merchants paying subscriptions for payment devices have increased to 79 lakh as of June 2023. The Merchant Payment Volumes (GMV) of the company for the quarter (for three months ended June 2023) stood at ₹4.05 Lakh Cr ($49.3 billion), with YoY growth of 37%. With a merchant base of 3.6 Cr, Paytm has created a benchmark of the industry with its technology-first solutions, solving for the merchants as they embrace digital payments.