India mobile wallet company Paytm launched a new QR code platform for businesses allowing them to accept payments from both its system and rival providers, as it continues a bid to expand its retailer reach.
Branded the all-in-one Paytm QR it allows merchants to use the same system to process transactions from Paytm’s own wallet and any others compatible with the National Payments Corporation of India’s RuPay, or UPI mobile payment interfaces.
Codes can be supplied on standalone signs or included on a range of products including a calculator, clock, radio or multi-language payment speaker device.
Alongside the QR move, Paytm unveiled an upgraded backend system for business customers with additional administrative features.
The move comes two months after the company’s latest funding round, in which it bagged $1 billion to help expand the scope and scale of its operation. Among its goals are to expand its merchant footprint into areas currently underserved by the financial services sector with low penetration of non-cash payments.