Paytm on Tuesday launched an all-in-one payment gateway which enables digital payments through multiple methods for small and medium businesses (SME). Alongside at Bengaluru event, Paytm also launched a new all-in-one Android point of sale (POS) device for small businesses and merchant partners.
"Today, we are announcing our all-in-one payment gateway and Business Payment solutions for SMEs. These services will further deepen the importance of digital payments in their business and bring to them the advantages of the digital economy," said Paytm founder Vijay Sekhar Sharma.
He jointly launched the device along with Infosys co-founder Nandan Nilekani. With the new solution, automated vendor payments can be achieved, including employee salaries and customer refunds among others.
The solution also powers startups and developers to easily integrate their services using the payment gateway's application programme interface.
As for the Paytm All-in-One Android POS, it is said to accepts payment through all methods – cards, Paytm Wallet, UPI apps, and even cash. It features a QR code that supports all contact and contactless payments. The device comes with integrated billing software and customized solutions for different industry sectors ranging from ticketing, catering to parking among others. The handheld compact POS device also features an inbuilt printer, a scanner, and generates a bill.
The company also published a blog post about the state of payments in India, claiming there were 26 billion total payment transactions in 2019, of which its wallet took a significant chunk.