Editor
Paytm congratulated Shri Narendar Modi who scrapped Rs.500/- and Rs.1000/- currency notes and announced to start cashless transactions in India the huge move from banking company started payment services for vendors.
As per latest information, through Paytm PoS feature on app services help merchants to take Credit/Debit cards as payment from mobile phones.
Those merchants interested to avail this service need to have to generate the billion the PoS and then give the phone to the payee to enter his card details. After entering the details, the payee will receive an OTP (One Time Password) on his phone and the payment will be approved once the correct OTP is entered then automatically the payments will be done.
Now, every Indian merchant can accept RuPay, Visa, Master Debit/Credit cards allows a transaction limit upto Rs.50000 with PoS feature on Paytm app, after which they will be requreid to submit their documents for KYC. Without installing a bank provided swipe machine big and even small merchants can now accept payments through Paytm PoS.
As introductory launch Paytm will not collect any charges for any transaction payment made until 31st December, 2016. The PoS will allow merchants to accept payments made by buyers through Credit/Debit cards.
Explaining the sale motto of the feature, PayTMs CEO Vijay Shekart Sharma said, ‘The company expects up to 10 million POS app downloads by the end of this week. Sharma also stated that around 1.5 million merchants have already started using PayTM after demonetisation to accept payments’.
This updated feature available on Paytm app which will display merchants list who accept Paytm payment through QR codes or Credit/Debit card. The list can be found under the ‘Accept Payment’ option in the app. Those customers who have not installed Paytm app then go to Google play store to install android version updated PoS feature Paytm mobile app.
Soon, Paytm will updated the above feature on iOS tune app.
Reserve Bank of India (RBI) increased Wallet balance limit from Rs,10,000 to Rs.20,000 for every month in this financial crunch since the currency ban across the country.