How Paytm aims to help startups scale with its omnichannel payment solutions

Even as the world moves online, the offline segment has not lost its charm or demand, especially when it comes to payments. That is why omnichannel models are here to stay.

Consumer behavior is changing rapidly. A consumer today can walk into an offline store but end up buying something good online, or Google something online and eventually end up buying from an offline store. The line between virtual and real retail is blurring, and every payment company or merchant today sees it as the need of the hour to enable both online and offline solutions.

Speaking in a firechat session at TechSparks 2022, Jain NakulCEO, Paytm Payment Services said,

“We see a lot of companies coming up that are online and will eventually set up a pop-up store, and that’s where they will require an offline solution. And vice versa, many physical stores, especially during the pandemic, have created an online platform to receive their payments online.

“It’s a matter of time before payments are at the core of solutions, and offline and online are just two measures of where the business or merchants can get paid,” he added.

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Talking about the different payment solutions provided by the company, Nakul pointed to its soundboard-backed QR code as one of the innovations. Paytm payment services have smart POS machines integrated into merchant ecosystems that provide easy calculation. On the other hand, the company also offers a perfect platform to receive payments online.

“At the heart of technology, we are a payments company and everything we do around technology is understanding what the merchants require or what the customer requires. So everything builds off of that. Even the fact that all the sound box innovation came from realizing that many of our merchants were receiving payments, but due to the delay in notification, they didn’t let the customer leave. That’s where Soundbox solves the problem with instant notification that merchants have received payment.”

The other thing that is impacting merchants is how they can grow their customer base faster. Paytm’s answer to that is the Paytm app.

Unlike many payment companies, Paytm offers an offline and online platform via an app to help startups attract a lot of consumers, Nakul said.

“Paytm’s strength is the fact that we have 80 million active customers every month on our app who are present in 500 odd cities. And that’s a key strength. That’s the kind of power we have in our app. And we have Rs 33 crore wallet customers which makes us one of the strongest players in the market from that perspective,” he shared.

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