Paytm is planning to invest about Rs 600 crore this year to expand its quick response or QR code-based payment solution in the country, a senior executive of the organization said.
This development comes at a time when the IndiaQR code is slated for a February 20 launch. Paytm plans to invest largely in areas such as manpower, technology, and merchant education for a quicker adoption of QR codes.
“In about a year of starting QR code-based offline payments, it contributes about 65% of overall transactions on the platform. We are putting an additional capital of Rs 600 crore this calendar year which will be used for merchant acquisition, marketing and cashbacks,” stated Kiran Vasireddy , senior VP, Paytm.
The Alibaba backed organization has about 5 million merchants on its platform. “We are looking to double the number of merchants by end of the year on the back of these investments,” he stated.
Paytm started QR code-based payments in October 2015 and has been pushing it aggressively for offline merchants. Riding on the wave of demonetization resulting into multiple times growth in overall business, Paytm has been expanding its QR code platform on the back of increasing user base.
TOI reported in its December 5 edition that common QR code is being planned as part of continuous effort of the government to make digital payments popular in the country post demonetisation. Initially, the common QR code is integrated largely on Visa, MasterCard and RuPay platforms.
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Sameeksha Bhardwaj, From ITvoir News Desk