Sunday August 25, 2019
Home India Here’s ...

Here’s How Paytm QR Codes Revolutionised Digital Payments in India

“With more than 12 million merchants on board, we register over 250 million monthly offline transactions."

0
//
Paytm Logo. Wikimedia Commons

Quick response (QR) codes have become a common payment option for Indian smartphone users at restaurants, grocery shops and the like, and it was Paytm which pioneered the method and leads the field, which has now attracted the interest of tech majors like Google and Facebook-Whatsapp.

The first Indian company to integrate payments into QR and take it to the level of neighbourhood stores, Paytm had hired 10,000 agents during demonetisation to expand its merchant network and strengthen its team to take more users on board, so that “Paytm Karo” soon became a slogan for digital payments.

Its success in the digital payments space from various day to day payment use-cases to Paytm QR – has now attracted American giants. Media reports said that Google Pay and Phonepe are increasingly looking at offline payments and trying to carve out a share in the Paytm-dominated market.

Offline payments are increasingly in focus with the government proposing zero charges on all forms of digital payments to encourage their use.

Paytm says it has reported that it registered more than 250 million monthly transactions through Paytm QR in 2019-20’s first quarter – more that the combined number of other QR-based payments on different platforms – making it the unquestioned leader in the space.

the Balance Tech team will be an invaluable part of this journey," said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. Flickr
“The Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. Flickr

Paytm’s Senior Vice President Deepak Abbot said: “Paytm was the first company to identify the need for a no-cost payment method, which would be convenient & secured for both merchants and customers. We launched our innovative Paytm QR in 2015 that customers could simply scan with their smartphones & pay to the merchant.

Paytm QR, he said, “revolutionized the entire digital payments industry and millions of people adopted it across the country, right from the local kirana stores, auto-rickshaws and fast food joints to top-end hotels & restaurants”.

Also Read: Google Mobilising its Efforts to Tap into Burgeoning Cloud Opportunities in Government Sector in India

“We feel pride in seeing that its popularity has inspired many other digital payments companies, including the UPI to adopt a QR-based payment method,” Abbot added.

He noted that Paytm “continues to be the digital payments leader in India”, seeing a three-fold growth in the last one year in both online and offline payments.

“With more than 12 million merchants on board, we register over 250 million monthly offline transactions.” (IANS)

Next Story

India can Lead in Setting Standards for Ethical use of AI: Microsoft Executive

Microsoft on Friday announced a partnership with the Indian School of Business (ISB) to equip business leaders with tools and strategies to make their organisations AI-driven

0
microsoft, xbox
FILE - A sign for Microsoft is seen on a building in Cambridge, Massachusetts, March 18, 2017. VOA

By Gokul Bhagabati

With the government focusing on the use of Artificial Intelligence (AI) and Machine Learning (ML) as people are increasingly adopting digital technologies, India can lead in setting standards for ethical use of AI, a top Microsoft executive said on Friday.

“The real application of AI needs to be to empower human ingenuity and to accelerate innovation for all kinds of work and thinking,” Anant Maheshwari, President, Microsoft India, told IANS.

In an earlier interview with IANS on the eve of 73rd Independence Day, Prime Minister Narendra Modi said that the government is trying to leverage technology like AI and ML to improve school education.

Finance Minister Nirmala Sitharaman in her maiden Budget speech in July announced that the government will lay focus on new-age skills like AI, Internet of Things, Big Data, 3D Printing, Virtual Reality and Robotics.

“About 91 per cent of organisations today plan to leverage AI within the next three years to drive their businesses and the biggest issue they point out for not using it right now is lack of skills,” Maheshwari said.

Artificial Intelligence Bot
Artificial Intelligence Bot. Pixabay

“India is among the top three geographies globally in terms of the supply of skills for AI and that bodes very well for India to lead and contribute significantly in the world of AI,” Maheshwari added.

“We can very much create use cases and the standards for ethical use of AI. I am quite optimistic on the role India will play in the emergence of AI and the principles of AI,” he noted.

Also Read: Smartphones Do Not Damage Mental Health Of Adolescents

Microsoft on Friday announced a partnership with the Indian School of Business (ISB) to equip business leaders with tools and strategies to make their organisations AI-driven.

“The initiative we are launching today between ISB and Microsoft really addresses not only the issue of creating right awareness around the skill set needed to drive the AI strategies, but also provide the tool sets to create the AI strategies, to create the discussion around what culture is needed inside an organisation to drive AI and also have the awareness of the ethics and principles around it,” Maheshwari emphasised. (IANS)