Paytm just broke some real interesting news with its entry into the card payment business wherein it is all set to launch its PoS terminals.
Paytm’s main idea behind this move is to basically provide its users with all the available forms of digital payment methods. Paytm is all set to introduce these terminals for traditional as well as mobile.
Paytm’s this move will basically enable it to enter into all forms of digital payments. The traditional PoS would be for GPS or landline and the mobile PoS would be for smartphones. Paytm has also launched Paytm Tap card which makes use of NFC technology for safe digital payments at offline Paytm issued NFC PoS terminals.
Paytm’s main competition in terms of physical PoS terminals would be HDFC bank, Axis bank, SBI and ICICI bank. Paytm mall has also introduced its PoS terminal which will be beneficial to the shopkeepers in managing their store inventory. Also Flipkart too came up with its digital payments arm namely PhonePe which was basically launched to provide serve the needs of small merchants. Gurugram-based PayUMoney also introduced its PoS terminals wherein it had no monthly rental and no minimum balance criteria.
Currently India stands at 3.1 million in respect of the number of PoS terminals and the government expects this number to touch 5 million by the end of2018. With the entire country getting increasingly dependent on digital payments Paytm’s current plan will surely help it to reach new heights and increase its market share.