Paytm to invest Rs 500 crore to train offline merchants in QR payments

BENGALURU: SoftBank and Alibaba-backed digital financial services company Paytm plans to invest Rs 500 crore over the next year to integrate its offline merchants into seamless QR code-based payments that will directly land into their bank accounts.

This will remove the restrictions that the merchants previously had on amount they could accept or charges they had to incur while moving the amount from the wallet to a linked bank account.

The firm has also pushed into service a network of 10,000 agents who would train merchants and explain to them the added benefits of accepting Paytm QR payments.

“With Paytm QR, our merchant partners can now accept payments at 0% charge, directly in their bank accounts through multiple payment instruments including UPI and cards. And there is no monthly limit on collecting payments from their customers,” said Kiran Vasireddy, COO at Paytm.