Paytm has been the largest and most popular payment platform in India. It processed 1.2 billion transactions just in the last month. To help small and medium-sized businesses (SMBs) accept payments easily, Paytm introduced a cool feature called Smart POS. It will convert the NFC-enabled Android smartphone into a point-of-sale (POS) machine.
Merchants can now accept card payments without a dedicated POS machine, thanks to Paytm Smart POS. Once activated, they can now use their NFC-enabled Android smartphones to accept payments from customers’ NFC-enabled cards.
The Indian payment giant announced the feature in a virtual press conference today. Paytm decided to introduce the Smart POS feature to encourage more merchants to accept digital payments, as it helps SMBs accept payments from cards without a POS machine.
Merchants can now simply ask their consumers to tap their card on the back of their phone to accept the payment. However, the merchant must have an NFC-enabled device to work it. Also, the consumer must have an NFC-enabled card to process the payment.
The Paytm POS feature will support Visa, Rupay, and Mastercard. But the maximum transaction amount caps at RS. 2000 as most of the NFC-enabled cards can process up to RS. 2000 per tap.
Paytm has previously introduced a lot of ways for Indian merchants to accept payments digitally. Soundbox is one of them, and they’re bringing Soundbox 2.0.
“Paytm is committed to bringing new-age financial technologies and services to 5 crore small and micro-merchants in India. Today’s launch of Soundbox 2.0 and Smart POS for Android phones expands opportunities for small businesses to experience these latest technologies at the most affordable price. Our in-store payment offerings including the pioneering All-in-One QR are examples of the best Made in India technology.”
– Vijay Shekhar Sharma, Founder & CEO, Paytm.
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