PayTM Launches POS (Point of Sale) Feature On App To Enable Card Payments For Small Vendors

One company to witness the biggest jump in business after demonetisation is PayTM. The company became the centre of transactions right from the day PM Modi announced the huge move. Now, to help regular merchants to take Credit/Debit cards as payment, PayTM has launched a new feature for its mobile app dubbed as POS (Point of Sale).

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To accept card payment, a shopkeeper will just have to generate the bill on 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 on his phone and the payment will be approved once the correct OTP is entered. The new POS feature accepts cards such as RuPay, Visa, and MasterCard. Merchants will be allowed a transaction limit of up to Rs. 50,000, after which they will be required to submit their documents for KYC.

The feature will especially benefit the small merchants as they can now accept card payments without installing a bank provided swipe machine. The wallet will impose zero transaction fee for the payments made until December 31, 2016. The POS (Point of Sale) will allow merchants to accept payments made by buyers through Credit/Debit cards. Explaining the sale motto of the feature, PayTM’s CEO Vijay Shekhar Sharma said that 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.