Paytm reportedly plans to install Point of Sales (PoS) machines, which is an electronic device used to process card payments, at retail locations all over the country. Paytm already has QR payment facilities, but in locations where people prefer card payments, it is considering to deploy card-reading devices. The digital payments player wants to expand its base beyond QR codes to give users all options of digital payments.
In addition to the traditional PoS terminals that run on GPS and landline, Paytm is expected to bring in mobile PoS terminals which work through a smartphone. PhonePe, a digital payments player, also has Bluetooth-enabled PoS terminals. Flipkart’s digital arm PhonePe is claimed to be the cheapest PoS device worldwide.
The major competitors of Paytm, in terms of PoS machines, are HDFC Bank, State Bank of India, Axis Bank and ICICI Bank.
As per RBI data, there are with 3.1 million PoS terminals in the country, and the government is currently working on achieving a target of 5 million terminals by the year-end.
Paytm earlier said that it has crossed an annual gross transaction run-rate of USD 29 billion, driven by growth across mobile payments and bank transfers through its platform.
A Paytm spokesperson said the company is witnessing strong growth in both mobile payments usage as well as transactions through bank transfers, which has been recently introduced.
“We are already seeing a GTV (gross transaction value) run rate of USD 29 billion. We are currently logging about one billion transactions per quarter and we aim to double it this year,” the spokesperson added.
GTV refers to the total transaction value through the platform in a given time period.
Paytm, which has seen massive adoption after the demonetisation drive in the country, said about seven million offline merchants accept through Paytm QR.
With inputs from PTI