Paytm's interoperable QR code to allow payments from all UPI apps

Paytm has finally chosen the interoperability route to launch an 'All-in-One' QR code-based payments feature for its customers. The new feature will enable merchants to accept payments through the Paytm Wallet, Rupay Cards and all UPI-enabled payment apps at 0% MDR fee. 

The company has been working behind the project for the past year. A year ago, Entrackr had reported about Paytm testing white-labelled interoperable QR-code for merchants.

The move will ease the process of making payments at merchant point by scanning the QR code whether a customer uses Paytm or any UPI-based apps such as Google Pay, PhonePe and Mobikwik.

According to Paytm, it's the only QR-code based payments company which allows payments via Wallet, UPI or RuPay cards without any transaction fee.

On the back of 13 million merchant base, Paytm will be in the driver's seat by bringing in more customers to transact from any other app to the platform. The Alibaba-backed company, which has begun focusing on merchants as far as UPI-based incentivising is concerned, will have the edge over PhonePe and BharatPe.

On the lines of growing bookkeeping startups in India, Paytm has also introduced a new service - ‘Paytm Business Khata’ - that will complement the interoperable feature.

Business Khata will help the merchant partners to maintain a record of all transactions of their customers. They can also set payment due date for credit transactions and send automated reminders. 

Last year, the company had launched a cellular connectivity payment device called ‘Soundbox’ for retailers. The voice-activated PoS machine essentially alerts merchants at the time of accepting the payment.