Paytm to invest Rs 250 cr to expand Paytm QR

New Delhi, June 12 () Paytm's largest digital payments on Wednesday said it will invest Rs 250 crore this year for the expansion of Paytm QR in Tier IV and V cities.

With this investment, Paytm expects to reach more than 20 million merchants throughout India at the end of this fiscal year, it said in a statement.

Paytm had introduced payments based on QR codes to allow merchants, regardless of the size of their business, to receive money directly into their bank account.

More than 1.2 million merchants across the country already accept payments through Paytm QR. However, most of them are based on larger towns and cities. Our goal is to reach merchants in the smaller towns of India, such as Ajmer, Bekgaon, Kurnool, Rohtak and Latur, said Paytm senior vice president Deepak Abbot.

Paytm said that the cost of shipping a merchant in a small city is at least three or four times more compared to larger cities.

The company focuses on getting more than 60 percent of merchants to embark on these Level IV and V villages.

In the long term, we want to reach all 26-30 million merchants in all corners of the country. We are making progress to allow financial inclusion in the most remote part of our country; therefore, Paytm QR accepts all digital payment instruments such as UPI, wallets, credit cards, debit cards and net banking, Abbot said.

In a separate statement, Paytm Money, a wholly-owned subsidiary of One97 Communications that owns Paytm, said it received approval from the Pension Fund Regulation and Development Authority (PFRDA) to offer the National Pension System (NPS). ) on your platform.

With this service, investors registered with Paytm Money will be able to invest in NPS. The company aims to offer NPS services (Tier 1 and Tier 2 accounts) of the eight main pension fund managers on the platform, the statement said. SR ANS ANS