PayTM Launches POS
Prime Minister Narendra Modi’s demonetisation has brought a lot of ups and downs in the economy since the announcement was made. Everyone from grass root level to the biggies in the economy has been facing a lot of issues regarding note exchange, deposits, cash transaction and cash withdrawal from ATMs. With this hullabaloo in the economy the online payment agencies and online shopping portals have been gaining more followers these days. They have all updated their services to ‘card on delivery’ and so on. The one among these portals has made a good platform under it after demonetization. It is PayTM, the mobile wallet through which money can be transferred anytime anywhere. PayTM has launched Point of Sale facility for the shopkeepers and small merchants after the note exchange issue took place in the country.
PayTM POS – How does it work?
Point of Sale is the bill generating system through which money transaction can take place. When a customer pays the bill through credit / debit cards, the shopkeeper needs POS machine to swipe the card and print the bills for the customer.
- Here in PayTM if credit / debit card payment needs to be accepted from the customer then shopkeepers are required to generate a bill on POS in PayTM.
- The customer then has to enter the card details in the app on shopkeepers’ phone. Once the details are being entered an OTP is generated and arrived at the customer’s phone.
- After entering the OTP in the shopkeeper’s PayTM app the payment gets approved. In this way, small merchants, shopkeepers and small entrepreneurs can transact money without providing banking details and such.
Type of Cards
In this system RuPay, MasterCard and Visa cards are acceptable.
This system will be immensely benefitted for the small merchants. They don’t need to install POS machines or other swipe equipments for accepting the payment. So with this system now shopkeepers can easily accept the payment through plastic money.
Until 31st December 2016 the company PayTM will not charge anything for this credit / debit card transactions. It will be charged after 31st December.
Features – apps
- The undated App is available on Android platform now. iOS is still not updated the app. Those who are Android users can found the options under the payment section. The shopkeepers can receive money through cards or QR codes.
- At the max Rs. 50, 000/- can be transacted in a single purchase. More than 50000/- will be required KYC details of the customer.
Now RBI has also raised the wallet money from Rs. 10, 000/- to Rs. 20, 000/- per month. So the company is hopeful about the new updated version and its uses.
PayTM – POS
|Launched by||PayTM App|
|Who can install them||Shopkeepers, small merchants|
|Available on||Android platform|
|Maximum transaction limit||50,000/-|
|Payment mode||Credit / debit card|