To help small and medium-sized businesses (SMBs) accept payments easily, Indian digital payments giant Paytm has introduced a nifty new feature today. Dubbed as “Paytm Smart POS”, this feature will turn any NFC-enabled Android device into a point-of-sale (POS) machine.
Thanks to this, Paytm merchants can now accept card payments without a dedicated POS machine. Instead, they can use their NFC-enabled Android smartphone to accept payments from customers.
The Indian firm announced the feature in a virtual press conference today. Paytm decided to introduce the Smart POS feature to encourage more merchants to accept digital payments. It will also help SMBs to easily accept online payments without a dedicated POS machine.
So, with the help of this feature, Paytm merchants can now tell their customers to simply tap their plastic cards onto the back of their Android devices to pay for products. The said device, however, should have NFC for the feature to work.
Now, coming to compatible platforms, the Paytm Smart POS feature will support Visa, Rupay, and Mastercard once activated. The amount will be capped at Rs, 5,000. That is because most of the transactions in India carry a value that is less or equal to the said amount.
Previously, to help offline Indian merchants come online Paytm introduced a ton of features in the recent past. The company, early in 2020, introduced “all-in-one” QR codes, Paytm SoundBox, and various other QR merchandise to help merchants accept more digital payments. The company also launched SoundBox 2.0 at the event today.
With this move, the company aims to eliminate the need for dedicated POS machines to accept payments. Moreover, this will also encourage merchants who are not comfortable using physical POS machines to accept payments on their Android smartphones.