Paytm to invest Rs 500 crore to create digital awareness

Mobile wallet Paytm platform would invest Rs 500 crore in 2018 to conduct merchant training and awareness initiatives to scale up its operations across the country.

Paytm is hoping to cover one crore merchants across the country in the next three to six months from the existing 60 lakh merchant partners for the Quick Response (QR) code-based payments, an official said here on Thursday.

"In the last one-and-half year, we have 6 million merchants on board and we want to take this to one crore within a quarter or two from now", Paytm vice-president Amit Veer said.

He said that the rate of adoption would increase further as our merchants can now accept payments from the Paytm (wallet), UPI (Unified Payments Interface) or cards at zero cost, he told reporters here today.

Company's QR-based payment solution supports all payment methods including credit or debit cards, net banking, Paytm-BHIM UPI and its wallet, Veer said.

He said the average ticket size of the transactions on the Paytm platform was also expected to go up.