How does Paytm
Paytm pos: debit / credit card payment via paytm wallet 2021
At an event in New Delhi, Paytm CEO Vijay Shekhar announced the latest addition to the Paytm app with an in-app POS that enables affiliated merchants to accept credit and debit card payments from customers.
The company points out that there are only 1.4 million card payment gateways in India serving the 750 million credit and debit cards.
With the App-POS, smaller retailers can avoid the hassle of buying a swipe device and accept card payments via the Paytm app with their smartphone.
How does the Paytm App POS work?
Paying via the App-POS is a pretty straightforward process, which is explained in three steps below.
- The merchant creates an invoice in the app and hands the phone to yours to enter your card details.
- Next, you will receive an OTP on your mobile phone number registered with the bank.
- Enter the OTP on the merchant's cell phone and you're good to go.
You can view the digital receipt on the merchant's device and you will also receive an SMS from your card provider detailing the last charge.This may seem more annoying than swiping the card, entering the PIN number, and receiving a printed receipt as confirmation of payment. However, this will surely help you make card payments in smaller stores that would otherwise not be possible.
Introduction to Paytm Mobile App POS! Every Paytm app in India now works as a POS. Welcome to a new era of payments. # PaytmKaropic.twitter.com / mAa7fuUoo2
- Paytm (@Paytm) November 23, 2016
FAQs about the Paytm POS app
Are there any fees for using this app?
There is no charge to the customer and the service is free to dealers until December 31, 2016.
Can I pay with Net Banking at the POS?
POS only accepts payments with credit or debit cards. No, payment via Net Banking via the App-POS is not possible. With Net Banking you can deposit money into the Paytm wallet.
Is This Method Safe? Does the merchant app save my card details?
A customer's card number or CVV is not stored in the merchant app, as required by the PCI DSS (Payment Card Industry Data Security Standard).
The POS function is currently only available in the Android version of the app and an iOS update will be released shortly.
Currently, Paytm has more than 1.5 million merchants registered on its platform. From the launch of the Paytm POS app, another 15 million merchants are to be added in a week.
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