scorecardFinancial inclusion made easy for India’s small merchants with Paytm’s pioneering QR codes and Soundbox
  1. Home
  2. business
  3. news
  4. Financial inclusion made easy for India’s small merchants with Paytm’s pioneering QR codes and Soundbox

Financial inclusion made easy for India’s small merchants with Paytm’s pioneering QR codes and Soundbox

Financial inclusion made easy for India’s small merchants with Paytm’s pioneering QR codes and Soundbox
Business2 min read
From Rishikesh to Varanasi to Mumbai, India’s leading mobile payments and financial services company Paytm, is transforming businesses with the convenience and security of mobile payments, serving as a catalyst for financial inclusion. The innovative Paytm-pioneered QR code has empowered millions of people across the length and breadth of India with its reach and adoption.

A man who sells idlis on his cycle in Varanasi recently caught the attention of social media. He has integrated Paytm QR into his business, accepting digital payments on the go.

“Saw Paytm QR like this in Varanasi while having idli. He accepted Paytm payment not cash .. India is Truly digital and it would be immense pleasure for its founder when he visits roadside see similar things like this,” tweeted Lalit Jayswal.

In Mumbai, a tadgola (ice apple) seller, as NPCI CEO Dilip Asbe tweeted, also uses Paytm to receive payments. “Bought summer special to beat the Mumbai heat at Carter road, Bandra using RuPay CC on UPI. With Digital Credit on UPI, the street vendors can now accept credit money and be part of the credit ecosystem,” he said.

Paytm users can make UPI payments through their eligible RuPay credit cards, enhancing the vendor’s ability to accept a wider range of payment methods. Paytm’s reach extends even to the Ganga Ghat in Rishikesh, where an unschooled seller who sells flower baskets and empty cans for collecting Gangajal was seen taking digital payments with the help of Paytm.

The reach and adoption of the Paytm-pioneered QR Code show how far India has come from a cash-reliant country to a digital-first economy.

The revolutionary technology, as illustrated by a cobbler at Churchgate station in Mumbai with a Paytm QR, has been enabled by millions of shopkeepers, street vendors, and service providers.

“Digital payments have also reached the bottom of the pyramid too. Came across this ⁦Paytm⁩ QR at Churchgate station,” tweeted Anurag Shah, who shared the picture.

Paytm’s innovation does not stop at QR codes. The company pioneered Soundbox, a user-friendly device that announces payment confirmations through a voice alert. This feature helps merchants easily verify transactions without having to check their smartphones, making the payment process even more seamless and efficient.

The widespread adoption of the Paytm QR code and the Paytm Soundbox is a testament to its ease of use and convenience for both merchants and consumers. The company has deployed over 71 lakh Soundboxes and remains the leader in person-to-merchant UPI payments in India.

Disclaimer : This article has been reproduced from Paytm's blog. The opinions expressed are those of the organization and do not necessarily reflect the views of Business Insider India. For further details, you can get in touch with our team on insiderstudios@businessinsider.in

READ MORE ARTICLES ON




Advertisement