Paytm’s New Device Can Accept Debit/Credit Cards, UPI, Wallets & More: This Is How It Works!

On Tuesday, Paytm launched its Android POS device for merchant partners across and small businesses in India.

How Did This Happen? 

As per the reports, One97 Communications Ltd-owned Paytm has launched a point-of-sale (POS) device, which will help merchants accept payments through Paytm wallet, debit and credit cards, besides all Unified Payments Interface (UPI)-backed payment methods.

How Will It Benefit You? 

Basically, this device helps merchants to accept payments through Paytm Wallet, all UPI-based apps, debit and credit cards, as well as cash.

Moreover, the merchants will also be able to generate good and services tax (GST) compliant bills and manage all transactions and settlements through their ‘Paytm for Business’ app at one go, the firm said on Tuesday.

How Does It Work? 

According to the founder and CEO Vijay Shekhar Sharma, Android-based devices will take care of all the needs of small businesses around digital payments.

He said “Over the past 18 months, we have invested a lot of time in understanding the needs of small businesses around digital payments. 

This device offers a comprehensive business tool right on the desk of millions of small businesses. We believe that offerings like these will help expand the market and drive further acceptance of digital payments and, at the same time, enable our merchant partners to operate their businesses more efficiently,”.

Paytm said it has done a series of pilots, including bus ticketing, parking management, logistics, home delivery and for banking, financial services and insurance services.

What Are The Key Features Of The New Device? 

• It provides universal code support that works on all contact and contactless payments. 
• This device comes with billing software and customized solutions for different industry sectors ranging from ticketing, catering to parking among others. 
• Also, the device features an in-built printer, a scanner and generates bills. 

What Does Paytm Say? 

Sharma said “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,”.

He launched this device jointly with Infosys co-founder Nandan Nilekani, who added, “If small merchants across the country can accept digital payments, that should be the future. I am glad that Paytm is doing this.”

The automated vendor payments can be achieved with this new device launch, including employee salaries and customer refunds and more.