Bringing disparate digital payments options under one system, Paytm today launched an All-In-One payments system along with an SDK for third-party Integration. The All-In-One system includes point-of-sale touchscreen machines, payment gateway switches and a QR code that works across UPI through Paytm or other apps, RuPay cards and for Paytm wallet and Paytm Payments Bank accounts.
The Paytm All-In-One PoS enables payments from the Paytm wallet, debit and credit cards and all UPI apps. This also includes EMI payments for large purchases. The PoS, unveiled by Infosys co-founder and UIDAI chairman Nandan Nilekani, with its large screen enables merchants to generate dynamic QR codes. It also lets merchants track cash payments, enable deferred payments and reminders for payments. The PoS device, built by Paytm, allows same-day payments settlements. It has already been tested by over 150K merchants, the company claimed.
Paytm All-in-One will also work for payouts i.e payments to vendors, corporate meal allowance, daily wages for industries, e-commerce refunds and more. The Paytm All-In-One software development kit or SDK will allow other payment providers to integrate their systems to Paytm and provide a seamless transaction experience for digital payments users. The SDK also allows SMEs and shopkeepers to create storefronts on Paytm app, just like Google Pay.
Paytm promises zero cost for merchants because of the zero merchant discount rate (MDR) on digital payments through UPI and RuPay cards. Announcing the launch, Paytm and One97 Communications founder, Vijay Shekhar Sharma said, “Zero MDR opens up a whole new market in India.”
Sharma added that the PoS device is used by IRCTC for food services on board.
For the All-In-One QR code, the company is also innovating on the displays and interfaces. One example is the calculator integrated into the QR code display or a speaker which confirms the transaction with an audio alert. The speaker is an IoT device with an integrated eSIM. This has been created to limit frauds such as fake payment confirmation screenshots. Similarly, the All-In-One PoS also has an in-built printer to give receipts to consumers.