Paytm, the leading e-commerce payment system and digital wallet firm hailing from India, has announced the launch of a consolidated QR payment solution for merchants. The product that has been branded as the “All-in-One” QR solution will offer a user-friendly experience to the merchant clients of the firm by allowing them to manage their payments in a convenient manner.
According to the latest reports, the new QR solution will render the merchants with a golden opportunity to accept any number of payments made through the Paytm wallet, RuPay cards, or from any of the UPI based payment apps for free of cost or 0% charges. The decision is followed by the recent announcement of the Indian government to eliminate the Merchant Discount Rate (MDR) on any digital transaction made via RuPay credit cards or UPI QR codes.
“At the forefront of the payment revolution, we are very proud to launch an encompassing All-in-One QR for businesses. The Paytm All-in-One QR is a must-have business tool as it is only payment QR that allows merchants to accept payments from Paytm wallet, all UPI apps, and cards. I am sure this QR will accelerate the Digital India mission and make more financial services available to the underserved,” said Vijay Shekhar Sharma, the Founder CEO of Paytm.
The merchants operating on the Paytm network will be given the facility to order personalized QR codes from the merchandise store on the “Paytm for Business” app. These new QR codes will have an identity symbol of the particular merchant such as their names, business logos, or pictures, thereby ensuring ease of operations with the digital payments network. Paytm has established itself as a strong digital payments service provider, counting for a strong customer base of over 10 million people. With the All-in-One QR code, the merchant network aspires to expand its network to 25 million in the next year.
Interestingly, the Zero MDR decision of the government has created a lot of fuss in the community. MDR is a rate charged to a merchant by a bank for providing payment processing services on debit and credit card transactions. Where the cost had to be borne by the customers earlier, it shall now be paid by the issuing banks. The reports suggest that with the removal of MDR charges, the Reserve Bank of India will be shelling out nearly INR18 billion to banks in 2020.