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Paytm’s new POS feature allows anyone to accept debit/credit cards

Paytm’s new POS feature allows anyone to accept debit/credit cards

 

With mobile wallet apps getting the boost post demonetization in India, new innovations are the way forward for any mobile wallet to gain market share, and in this regard, Paytm is surely at the thick of things. In a press conference today, Paytm unveiled its app-based POS to enable small merchants to accept debit and credit cards.

Patym has updated its app to include this new feature. There is an ‘Accept Payment’ icon now in the updated app where small businesses and shopkeepers can self-declare their bank account details to start receiving payments instantly.

The mobile wallet app is also offering an introductory 0 per cent fee for Rupay, Visa, Master and Maestro debit cards until December 31st.

“India needs a very innovating mobile pos machine and Paytm has already been accepted by many merchants. By extending our merchant network to all other payment networks, we are enabling digital payments to a very large number of Indians,” Paytm CEO and Founder Vijay Shekhar Sharma said at the launch event.

Paytm already enjoys a 150million user base and with the new app-based POS service, the mobile wallet app will look to add 15 million merchants across the country. Paytm already claims its India’s largest mobile payment and commerce platform with the service accepted by grocery shops, restaurants, coffee shops, multiplexes, hospitals and by taxi and auto drivers.

Currently, only 3.5 per cent of all retail outlets in India accepts debit and credit cards. There is nearly zero penetration of POS services in the mass retail segment which makes up for more than 90 per cent of all retail in India.

With the introduction of app-based POS, Vijay Shekhar Sharma added, “We are on a mission to democratise payments and empower even the smallest merchants to be able to accept credit and debit card payments from their customers. We are very proud that we are able to contribute to the digitisation of our economy.”

Paytm currently registers an average 5 million transactions on its app worth an annualized GMV of Rs 30,000 crores.

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What India’s New 500 and 2,000-Rupee Notes Will Look Like

What India’s New 500 and 2,000-Rupee Notes Will Look Like

India is to get new 500 and 2,000 rupee notes after Prime Minister Narendra Modi made a surprise announcement that the current largest denominations ceased to be legal tender from midnight early Wednesday. The new notes will be known as the Mahatma Gandhi (New) Series of bank notes after the leader of the country’s independence movement.
Samples of the notes show that both have an image of Gandhi on the front.
The new 500 rupee note has an image of New Delhi’s Red Fort, a more-than 400-year-old UNESCO World Heritage site, on the reverse side and is “stone gray” in color, according to the RBI.
On the reverse side of the magenta 2,000 rupee note, is an image of the Mangalyaan satellite, which India put into the orbit of Mars two years ago on a budget mission.
Both the notes will have raised print and lines on the left and right to help the visually impaired.
They also bear the “Swachh Bharat,” or “Clean India” logo with its slogan in Hindi that means “one step towards cleanliness,” promoting Mr. Modi’s flagship project to build toilets and improve sanitation, as well as a host of security features.