Paytm is a digital wallet that has started the QR code based payments system on its app. This system is basically to be involved for the payment system of small stores and service providers . The company will be accepting the digital payment all over the country. Paytm has announced that QR code can be used by all shopkeepers or any of the service providers to start the acceptance of payments by customers through their Paytm Wallet app. If the QR codes are preprinted than paytm will contain the paytm account details of the merchant . Once the QR code is scanned the buyer will be entering the payment amount and approve it. Its not necessary for the merchant to have a network connection for completing the transaction. He will be receiving a transaction completion message after the transaction.
The company will also be providing merchants the ability to dynamically generate the QR codes that will contain the amount to be paid along with merchant’s details. Currently they work by generating a one time password received on customer’s number. With this new QR based system they will be playing a host to more and more merchants. Nitin Mishra the vice president of Paytm products announced that they are having existing 10.000 merchants members and they will also be encouraged to use QR code system. This will give them benefits to pay exact amount and no need to carry cash.
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