Paytm launches App POS to enable small merchants to accept debit and credit cards

Paytm, one of India's largest mobile payment and commerce platform, has updated its app to launch India's first APP POS allowing all small and medium merchants to accept all card payments including Rupay, Visa, MasterCard and Maestro.

Under "Accept Payment" icon on new updated App, small shopkeepers and businesses can self declare their details and give bank account details to start receiving payments instantly.

Vijay Shekhar Sharma, Founder and CEO – Paytm, said, "India needs a very innovating mobile pos machine and Paytm has already been accepted by many merchants. By extending our merchant network to all other payment networks, we are enabling digital payments to a very large number of Indians."

The company aims to empower over 15 million merchants across the country by enabling them to accept debit and credit card payments at zero setup fees and zero introductory transaction processing cost.

Vijay further added, "We are on a mission to democratize payments and empower even the smallest merchants to be able to accept credit and debit card payments from their customers. We are very proud that we are able to contribute to the digitization of our economy. "

Currently there are only 1.4 million POS Terminals across the country to serve over 750 million Indian consumers who have Debit/Credit Cards. Only 3.5 percent of all retail outlets in the country accept Debit/Credit Cards with near zero penetration in the mass retail segment which makes up more than 90 percent of all retail in India.