Paytm launches App POS: make payments using credit or debit cards, without Paytm account
New Delhi, November 23: Paytm the popular digital wallet enabling digital sales, has launched a new feature. Paytm has announced the launch of its App POS (Point of Sale) system on Wednesday, which would allow merchants to accept payments from credit or debit cards. For this transaction, no point-of-sale or swiping machine is needed. The POS facility will be available only in the Android version at present and an iOS version would follow soon.
With this new app, merchants will be able to accept payments by using smartphones. If the customer do not have a Paytm account, the shopkeeper could generate the bill and the customer shall enter the credit or debit card details in the shopkeeper’s phone. Then the customer will receive a one-time password (OTP) on their phone.
Entering the OTP into the app on the shopkeeper’s phone would make the money transferred. This OTP would protect the customer’s information entered in the shopkeeper’s phone, from any misuse.
Paytm announced that every updated Paytm app on phones can now use the App POS. This makes it easy for any merchant to use Paytm as the centre of all transactions. Merchants who accept payment via Paytm will now find it easier to accept multiple modes of payment. According to the company sources, paytm has 1.5 million merchants on board, with a target of 15 million merchants to be added in a week after the launch of the App POS. Paytm also claims 158 million users and an annual gross transaction value of Rs. 30,000 crores, across 2 billion transactions a year.
According to the disclaimer, it will take just five minutes to become a merchant accepting payments through the new app. To start accepting payments, go to Paytm.com/business, self-declare as a business, enter bank account details, and can start accepting payments with immediate effect.
According to RBI, merchants using App POS will be eligible for a Rs. 50,000 limit. After this limit, they would need to submit the KYC details to the bank concerned.