Equips merchants with a new digital payment collection which will help them increase their digital presence and onboard new customers
Drives financial inclusion by benefitting beneficiaries, even those who do not have access to formal banking services or smartphones
Mumbai: India’s homegrown Paytm Payments Bank has today announced that it is an official acquiring partner for e-RUPI vouchers, further making it accessible at offline stores across the country. The bank has also partnered with One97 Communications Limited (OCL) that owns Paytm, India’s leading digital payments and financial services company, to leverage the latter’s strong merchant base. With this, merchants will be empowered with another digital payment collection method that will help them further increase their digital footprint and onboard more customers.
e-RUPI, a Government of India (GOI) initiative, is a cashless prepaid voucher that beneficiaries can present via SMS or QR Code. Paytm’s merchant partners can then scan, enter the amount to be paid and receive the payment directly in their bank account. This will benefit beneficiaries (users), even those who do not have access to formal banking services or smartphones to avail the convenience of digital payments.
PPBL is empowering merchants to accept e-RUPI vouchers, which gives it an opportunity to tap into a larger user base that is a beneficiary of this initiative. This will further encourage more merchants to embrace cashless transactions, leading to an increase of digital payments.
Satish Gupta, MD and CEO, Paytm Payments Bank said, “Our constant endeavour is to bring access to digital banking to the underserved and unserved population of the country. With the acceptance of e-RUPI vouchers, merchants across the country will be able to promote cashless payments, which will further drive the government’s mission of introducing more Indians to the digital economy.”
The Reserve Bank of India (RBI) recently increased the cap of e-RUPI vouchers issued by the government to Rs 1 lakh per year from Rs 10,000 and allowed beneficiaries to use the voucher multiple times until fully redeemed.
Paytm Payments Bank has seen rapid growth led by the widespread adoption of the company’s innovative banking products across the country. The bank is profitable for three years in a row and recorded a 25.8% increase in PAT (profit after taxes) to ₹37.5 crore in FY21, up from ₹29.8 crore in FY20. The bank’s annual revenue for FY21 stood at ₹2,200 crore. Paytm Payments Bank, the largest UPI beneficiary bank and also continues to lead in FASTag issuances across the country. PPBL also enables users to avail benefits of Direct Benefit Transfers (DBT), which is a scheme by Government of India to transfer the subsidies of various social welfare schemes like LPG gas subsidy, MNREGA payments, Old Age Pension, Scholarships directly into the beneficiary’s bank account.
About Paytm Payments Bank:
Paytm Payments Bank has the largest scale in India, in terms of mobile transactions. The bank offers best-in-class digital payment and banking experience with its mobile-only savings accounts, current accounts, fixed deposits with partner banks, and payment instruments like wallets, UPI, FASTag among other services to Indians. The bank is the largest UPI beneficiary bank, with the lowest technical decline rate amongst beneficiary and remitter banks as of April 2021. It is also the largest acquirer and issuer of FASTags in India.
This article was shared with Prittle Prattle News as a Press Release
