Paytm has been facing intense competition from Unified Payment Interface (UPI) players in the country, forcing the brand to look at new ways to appeal to users.
Now, it has launched a feature that will allow users to make payment via QR code using any other UPI or wallet apps.
This facility is available through the Paytm All-in-One QR code for merchants, which ensures you don’t need to be a Paytm user to use QR code for payment.
Paytm, through its statement has pointed out “the QR will enable merchants to accept unlimited payments through Paytm Wallet, Rupay Cards and all UPI-based payment apps directly into their bank accounts at a zero percent fee.”
QR codes have become a standard use case for making mobile payments in India these days. And this convenience has ensured that people prefer using mobile payments (via UPI) instead of taking out their debit/credit card to make payments at petrol stations, restaurants and grocery stores among others.
The numbers speak for itself and reports suggest that Google Pay and PhonePe have overtaken Paytm in the segment, which makes the new move even more puzzling.
From a business point of view, Paytm doesn’t stand to gain any revenue from this, but it does manage to add to its user base by providing merchants with an easy payment receiving mechanism, using UPI.
It looks as if Paytm is making sure it is adhering to an interoperable ecosystem, something that the country’s digital payment space aspires to adopt.
Back in November, Paytm was also the first brand to let its users scan and pay any QR code through its app for UPI payment. We’re hoping other wallet players can look at following Paytm’s cue and make their payment ecosystems open to all platforms.