Paytm Will Invest Rs 250 Crore To Expand Paytm QR

Indira Datta - Jul 15, 2019

Paytm announced on Wednesday that it will invest Rs 250 crore to expand Paytm QR in Tier IV and V towns in the upcoming months.

Paytm, the famous digital payment platform owned by One97 Communications announced on Wednesday that it will offer Rs 250 crore of capital to expand Paytm QR in Tier 4 and 5 towns this year.

Paytm's spokesman said:

Paytm QR allows money to be transferred directly to the merchant's bank account. Business size of traders is not important, so all traders can use Paytm's QR-based payments.

The company's Senior Vice President Deepak Abbot said:

The company is focusing on attracting more than 60% of merchants on board from these Tier 4 and 5 towns, even though, compared to larger cities, the cost of on-boarding a merchant in a small town is at least 3 or 4 times higher.

Abbot said:

Paytm Money, a subsidiary also owned by One97 Communications, announced that the Pension Fund Regulatory and Development Authority (PFRDA) has granted it the permission to offer the National Pension System (NPS) on its platform.

Thanks to this new service, many investors already registered with Paytm Money can now invest in National Pension System. The report also states that the company wishes to provide NPS services from all 8 big pension fund managers on the platform for both Tier 1 and 2 accounts.