Paytm is opening-up its quick response (QR) code scanning service for third party companies. The Alibaba-funded company has now integrated the capability to scan any QR codes generated using open standards.
This feature will help consumers browse web links, download apps, discover products, store information as well as continue to make payments. The move will also aid in establishing the habit of QR code scanning in the country.
Deepak Abbot, Sr. Vice President – Paytm said, “We believe QR codes are the most convenient method to discover and buy a product. Our latest feature will enable consumers to scan generic QR Codes using the Paytm app and facilitate enhanced on-the-go discovery for all QR linked products and services. Going forward, we will continue to drive aggressive product innovation to ensure consumers are offered the most seamless QR scan experience.”
Till now majority of mobile wallet companies have their QR codes in close loop which essentially allow only users of that wallet can scan the codes for transactions. To increase the usage of QR codes, Paytm is investing about Rs 600 crore into it this year.
At present, the Noida-based company claims to have 5 million merchants ranging from small roadside vendors and kirana stores to major retail outlets accept Paytm as their preferred payment method.
Paytm is aiming to add 10 million merchants enabled with these codes across 650 districts by the end of this year. Currently, over 65 per cent of transactions are being facilitated through QR codes on Paytm’s platform. Right from the beginning of this year, digital payments space has been seeing fast adoption.
Unified Payments Interface (UPI) has also introduced QR code based payments in March this year. The government also launched Bharat QR code to promote usage of digital payments across channels.