Startup News

Paytm launches new app which transforms android phones as POS machines

Paytm launches point of sale application when installed will convert the android phone to card payment machines.

The idea of the new launch focuses primarily on promoting the contactless payment mechanism or tapping to pay with a contactless card or mobile device in India as it is already been into practice in the US.

To enable the point of sale mode, Paytm has come together with Visa, MasterCard, and RuPay for facilitating card payments.

This will benefit the merchant as they don’t have to make arrangements to buy a separate card swipe machine.

Paytm is growing tremendously in the market from the last few years. It is successfully gained 328 million wallet users, 145 million UPI handles, and 64 million bank accounts in its payment bank.

To enable the transaction the merchant has to sign up on the Paytm for business application, thereafter they have to download the Paytm Smart POS on their android mobile phones.

Then, the customer can make the payment which is directly transferred to merchant’s account along with other QR payments.

Additionally, they have launched a new version of Soundbox 2.0. It is available in five languages – English, Hindi, Tamil, Telugu, and Kannada as of now.

The company may add few more languages in a couple of months.

This new upgrade provides voice and visual confirmation about the amount paid by the customer.

Along with this, the merchant can also collect the summary of the transaction made in the entire day.

This is advantageous to the merchant by preventing fraudulent activities of customer.

Such activities include showing fake screens and confirmation of the payment aids in increasing the efficiency of the performance of the merchant.

As now they not required to look at the mobile screen for confirmation.

The average of digital transaction occurred throughout the months adds up to 3.3 billion using UPI, credit cards, wallets and more.

Check all the recent news updates and share market updates


Get 90% Discount on Brokerage Now! Open Demat Account