Paytm Payments Bank has today announced that it is an official acquiring partner for e-RUPI vouchers, making it accessible at offline stores across the country. The bank has also partnered with One97 Communications Limited (OCL) that owns Paytm 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…