After WhatsApp, Paytm launches business app for SMEs in India
Paytm for Business App is also available in 10 regional languages.
Paytm on Monday launched a new application aimed at SMEs in India. Called 'Paytm for Business', the app is currently available on Android Play Store.
The app, which enables new merchants to sign up quickly and get a Paytm QR code to start accepting digital payments, will now enable merchants to manage their day to day payments and day-end reconciliations.
The app offers a complete suite of services allowing Paytm's existing six million offline merchants along with new, to track payments, navigate through the past collections and trace settlements made to their preferred bank accounts. They can also generate a Paytm QR instantly through the app, print it, and start using it at their shops to accept unlimited payments directly into their bank accounts at 0% charge.
Additionally, they can also share the Paytm QR with their customers through messaging platforms to receive payments. The app supports downloading of daily, weekly and monthly transaction statements and gives access to critical information like estimated time of bank settlement, UTR numbers (Unique Taxpayer Reference) among others.
Available in 10 regional languages, the Paytm for Business App allows merchants to view their transaction details without the need to wait for a confirmation SMS or Email. The company aims to solve the everyday payments collection and reconciliation problems for merchants giving way to even higher acceptance of digital payments in the country.
We are confident that new app will help millions of our existing and also new Merchant partners. We will continue to invest in our payments network to give every small and large merchant the power of digital payments with Paytm," said COO - Paytm, Kiran Vasireddy.
Paytm pioneered QR-based payments in the country, allowing millions of small merchants to accept payments using their smartphones. Paytm QR now enables its merchant partners to accept Paytm, UPI and Card Payments directly into their bank accounts at no charges, as it aims at extending its support to all major payments instruments and help them grow their business.
With 'Paytm for Business', the company now aims to offer merchants a go-to destination for all their payment-related information.
Paytm's new service comes shortly after Facebook-owned WhatsApp launched a dedicated business application for enterprise in India. Called WhatsApp Business, the application is currently available in Indonesia, Italy, Mexico, Britain and the US. The app is expected to be rolled out to other markets including India in the coming weeks.