paytm\'s vijay shekhar sharma says \'india needs a very innovative mobile pos machine\'
This ban Rs. 500 and Rs.
1000 notes caused a lot of problems for people, causing several mobile wallet companies such as ATM, Paytm, FreeCharge and mobilkwik to queue up and catch this(
See also: \"It\'s just noise\": criticism of the old note ban by Vijay Shekhar Sharma of Paytm
Paytm added a new feature to its mobile app on Wednesday that allows any small and medium-sized merchant to accept a user\'s debit and credit card.
Vijay Shekhar Sharma, founder and CEO of Paytm, explained at a press conference in New Delhi that users will be able to pay through Rupay, Visa, MasterCard, and master cards for merchants without card readers.
With Paytm\'s new POS feature, small merchants can start accepting payments from users without any physical verification, but they need to access paytm.
Com/business and self
According to the latest guidelines for RBI to accept payment from users, it is announced as an enterprise.
This has a limit of Rs 50,000 per month that can be transferred to the bank, as well as a wallet balance limit of Rs 1. 20,000.
With KYC, this can be raised to a balance cap of Rs 1, with no restrictions on bank deposits.
Paytm claims that there are about 74 crore debit and credit cards in India, while the monthly POS transaction volume through debit and credit cards is only about 20 crore on average.
Only 14, the company added.
8 lakh POS machines (Swipe card)
At present, about 7 lakh retailers use POS machines to provide services to users.
This is a very small number, and the cost of the POS machine is one of the factors that slow down the deployment, which in turn limits the use of the card.
This is the gap Paytm wants to address with its new app POS feature.
\"India needs very innovative mobile POS machines and Paytm has been accepted by many merchants.
\"By expanding our merchant network to all other payment networks, we are providing digital payments to a large number of Indians,\" he added . \".
\"In terms of additional security, the merchant did not get the details of your card and was not saved.
When asked how Paytm plans to include merchants carrying feature phones instead of smartphones, Shekhar replied, \"we can solve the problem to a certain extent, but not everyone.
The new app POS feature requires smartphones with active internet connections, which in some ways limits about 0. 25 billion people in our country who have smartphones and Internet connections.
Commenting on Paytm payment bank\'s plan, Sharma said, \"We have been working with RBI for the past few months to complete the process and other necessary steps.
One thing I know is that we can no longer provide a timeline for the launch of Paytm bank because we have missed the previous deadline.
So, we hope to announce it as soon as it happens.