Mobile wallet firm and e-commerce platform Paytm will be investing ₹600 crore in 2017 to expand the network of its QR code-based payment solution.
“We want to enable merchants across India to accept digital payments using QR code,” Kiran Vasireddy, senior vice president, Paytm said. “No cost for the point of sale terminal, zero transaction charges and vast Paytm user base, makes the solution a viable and an attractive payment option for all large and small merchants.”
He added that the investment of ₹600 crore in the ongoing calendar year will be used for scaling up merchant acquisition teams, marketing and cash-backs.
The Noida-based company said it is on-boarding around a million small and medium merchants every month, with a target of enrolling 10 million merchants in 650 districts by December 2017. Paytm’s QR code-based payment solution is currently being used by about 5 million merchants.
