India’s largest mobile wallet Paytm has announced plans to invest $900 million in the development of a new QR-based payments service for retail merchants in India.
The investment will be used to build the back-end for QR code-based payments, enabling secure transactions at low bandwidth and with low-end smartphones.
There are currently over five million Indian merchants using the Paytm QR code network, but the firm has set itself a target of enrolling one million offline merchants each months and reach 10 million merchants using the solution by December 2017.
Kiran Vasireddy, senior vice-president at Paytm, commented: “Our 0 per cent merchant transaction fee, coupled with an aggressive merchant acquisition rate, will help us take QR code-based payments to every nook and corner of this country. We will invest Rs 600 crore ($900m) this calendar year, which will be used for scaling up merchant acquisition teams, marketing and cash-backs.”
The announcement from the Alibaba-backed firm follows the roll-out of a new mobile point of sale (PoS) system to make it easier for merchants to accept card-based payments.
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Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
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