The growth of digital payment in India is primarily led by mobile. In the last few years, however, the competition has become fierce and mobile wallet companies are leaving no stone unturned to keep customers glued with their services. In a bid to do, Paytm has introduced a revolutionary all-in-one POS device that makes the complete payment lifecycle much easier for customers as well as small businesses and merchants.
Paytm, a leading mobile payment system and financial technology company, has introduced a new POS device that provides all possible payment methods to customers, including UPI, wallet and cards, and even cash. The device supports all contact and contactless cards with the help of all-in-one QR Code.
But it’s not the customers alone who are going to enjoy the benefit of new all-in-one POS device. All the merchants who are struggling to keep a track of all sort of digital payments, including the payment confirmation, are finding the device adorable.
This Payment POS device helps merchants to accept payments through Paytm Wallet, all UPI based apps, Debit & Credit Cards and most importantly – Cash. Besides accepting payments, merchants will also be able to generate GST compliant bills and manage all transactions and settlements through their ‘Paytm for Business’ app at one go.
The device comes with many fully industry-first features & services. Powered by Android OS, the device sports a full-size display and is pre-bundled with cloud-based software for billing, payments, and customer management.
Indeed, the features of Payment POS device will help customers process payment much faster and in any of their preferred method. To have round the clock internet connectivity, it also has an inbuilt SIM Card feature besides the WIFi connectivity.
“Over the past 18 months, we have invested a lot of time in understanding the needs of small businesses around digital payments. We strongly believe that offerings like these will help expand the market and drive further acceptance of digital payments, and at the same time enable our merchant partners to operate their business more efficiently”, says Vijay Shekhar Sharma, CEO – Paytm.
Paytm is the largest player in terms of merchant mobile payments. Out of 9 billion mobile payments that took place at merchant outlets in 2019, 5 billion transactions were processed by Paytm alone.
Paytm has 300 million mobile wallet users, 100 million UPI handles and 200 million saved cards and 55 million bank accounts.
Paytm POS Device: Taking Payment Processing To The Next Level
To make the new POS device more adorable for merchants, the company has loaded with many prebuilt apps specific to various industries. These apps not only help merchants to process payments more effectively but also automate many of their processes. Preloaded apps like Restuarant Management, Ticketing Management, Event Management helps small-medium business manage their orders, bills, invoices, taxes and payment as well. The company is committed to adding support to many more apps for various other industries soon.
Paytm’s all-in-one POS device is applauded by many companies that have been part of the pilot project. IRTC, one of the leading most valued partner that has been actively using Paytm’s all-in-one POS device for billing and payment inside trains, finds the device a much needed for easy of a business as they are able to keep track of sales any time from anywhere, and is turning out to be a strong tool for inventory management.
With the new POS device Paytm is eyeing on strengthening its market presence by roping in more number of merchants and transactions as well. As the war of QR Code is becoming expensive, companies including PhonePe, GooglePay and BharatPay are actively exploring options to capture the maximum number of mobile transactions at merchants outlets that take place on a daily basis. Paytm POS device will definitely help the company to increase its market share as the merchants seem excited about the device that helps them to automate their complete accounting process, including GST.
UPI vs Wallet in India
Since the beginning of 2019, Indian mobile payment industry has been witnessing astounding growth in the volume and value. In the first 10 months of 2019, by the end of October 2019, 3.59 billion wallet transactions were recorded as compared to 8.26 billion UPI transactions. The gap between wallet and UPI is only widening.
But when it comes to mobile payment at merchants outlets, mobile wallet is still the most prefered mode of transaction of customers.
Out of 26 billion digital transactions that took place in India during 2019, 15 billion were at the merchants’ store. Drilling these figure further down, around 9 billion transactions were done through mobile, and mobile wallet is still holding the largest pie of the share despite the growing threat from UPI.