Cashless revolution! Paytm launches this new feature – Know what it is and how it works

Paytm launches a new feature ‘Merchant Referral’. (Reuters)

Now, offline stores too can accept Paytm payments directly into their bank accounts. One97 Communications Limited, the organisation that owns the brand Paytm, on Monday introduced a new feature on its platform. Paytm, considered to be India’s largest payments company has launched a first-of-its-kind ‘Merchant Referral’. The new feature aimed at enabling Small and Medium Enterprises (SMEs) community to join the PM Narendra Modi’s cashless revolution. The new feature will accept payments from any bank account into their bank accounts at zero transaction charges.

By means of this, a customer or user will get an opportunity to contribute themselves more efficiently towards the digital payments. The new feature ‘Merchant Referral’ will adopt the digital payment in the stores and shops with mobile payments. Paytm introduced the new feature after the company witnessed a surge in customer requests to provide help in their neighbourhood stores so that it accepts payments using Paytm. However, non-KYC (Know Your Customer) Paytm users can also make instant bank transfers to Paytm merchants.

Launching the feature, Kiran Vasireddy, Chief Operating Officer (COO), Paytm has said that the new feature will play a significant role in country’s shift towards a cashless economy.

“We have encountered several instances where shopkeepers actively reach out to our customers seeking help to accept payments via the Paytm QR. With ‘Merchant Referral’, we would like to empower our customers to generate a request for these merchants instantly and enable them to play an active role in the country’s shift towards a cashless economy. This product is a showcase of an innovative offering that was designed grounds up based on the feedback of our customers and merchants,” Vasireddy said.