Paytm to invest Rs 600 cr in QR code-based payment network

New Delhi, Feb 20 (IANS) Mobile payment and e-commerce platform Paytm on Monday announced that it will invest Rs 600 crore in its QR code-based payment solution to enable digital payments for merchants across India.

Paytm’s QR code-based solution is already powering more than five million merchants and is used by consumers to pay at kirana (grocery) stores, tolls, food courts, hospitals and retail outlets.

"Our zero per cent merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR code based payments to every nook and corner of country," said Kiran Vasireddy, Senior Vice President, Paytm, in a statement.

Currently, the Paytm app is available in 10 regional languages, including Hindi, to make digital payments accessible to all.

Within a year of launch of its QR code-based offline payments, it already contributes around 65 per cent of overall transactions on its platform, the company said.