India-based digital payments provider Paytm to allow merchants and retailers use an Android phone as a payments machine for near field communication credit and debit card payment transactions.
This means that for a Paytm For Business user, an Android phone acts just like a physical point-of-sale device which will process transactions by tapping a card to their phone eliminating the need to have a separate payment machine or terminal. This new update will accept all contactless credit and debit cards that run on the Mastercard, Visa and RuPay platforms.
Paytm’s Smart POS offering will support more than 10 local languages. Through its pilot, the company has already scaled its soft-PoS service to almost 150 cities in the country.
To leverage the feature, users just need to download and activate the Paytm For Business app on their Android phone. In the app, the Accept Card Payment option will allow merchants to verify their business details and pay a setup fee for the service to get activated.
This news follows Reserve Bank of India guidelines which state that transactions up to Rs 5,000 can be completed with contactless card transactions.
Furthermore, the payment giant also launched the upgraded version of its Soundbox offering, which is an instant voice-based confirmation device when merchants receive payments. The new device comes equipped with a digital screen that gives instant visual confirmation of the paid amount along with the voice-based response.
The device also has a QR code which will provide merchants with a voice-based summary of the total payments and amount received at the end of the day.
Paytm which processed more than 1.2 billion transactions last month, boasts of over 328 million active Paytm wallets, 145 million UPI accounts and 64 million bank accounts linked with the payment platform.
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