Paytm to invest 250 crore to expand Paytm QR

New Delhi: Digital payments major Paytm on Wednesday said it will invest Rs 250 crore this year for the expansion of Paytm QR in tier IV and V towns."With this investment, Paytm expects to reach more than 20 million merchants across India by the end of this fiscal," it said in a statement. Paytm had introduced QR code-based payments to enable merchants, irrespective of the size of their business, to receive money directly into their bank account.

"More than 1.2 crore merchants across the country already accept payments through Paytm QR. However, the majority of these are based in larger towns and cities. We are aiming to reach merchants in smallest of towns across India such as Ajmer, Bekgaon, Kurnool, Rohtak, and Latur," Paytm SVP Deepak Abbot said.

Paytm said the cost of onboarding a merchant in a small town is at least three to four times more compared to larger cities. The company is focussing on getting more than 60 per cent of merchants on-boarded from these tier IV and V towns.