One97 Communications, the parent company behind Paytm, has introduced a first-of-its-kind ‘Merchant Referral’ tool on its platform – using which, small and medium merchant (SME) community would be able to accept payments from any bank account into their bank accounts at no extra charges.
Highlighting the rationale behind the latest endeavour, Kiran Vasireddy, COO – Paytm said, “We have encountered several instances where shopkeepers actively reach out to our customers seeking help to accept payments via the Paytm QR. With ‘Merchant Referral’, we would like to empower our customers to generate a request for these merchants instantly and enable them to play an active role in the country’s shift towards a cashless economy. This product is a showcase of an innovative offering that was designed grounds-up based on the feedback of our customers and merchants.”
The company has been witnessing a surge in customer requests to help their neighbourhood stores accept payments using Paytm. This feature will offer customers an opportunity to contribute towards the digital payment adoption in their respective neighbourhoods, Paytm said, in an official statement.
Led by entrepreneur Vijay Shekhar, Indian e-commerce payment system and digital wallet, in recent times has seen a spike in a number of people opting for its tech-enabled web platform and mobile-based application.
In may this year, the digital payments major has announced that more than 100 million of its mobile wallet customers have completed Know-Your-Customer (KYC) process, as mandated by the Reserve Bank of India (RBI).
Its parent company, One97 Communications, since 2016, has divided its businesses into multiple portfolios: Paytm Payments Bank, Paytm Ecommerce, Paytm Financial Services among others.