Paytm Payments Bank announced that it had joined the government’s e-RUPI vouchers initiative as an official acquiring partner.
The bank has teamed with One97 Communications Ltd (OCL), the parent company of Paytm, to make use of the latter’s merchant base.
Paytm merchants will be allowed to accept payments via e-RUPI due to this. Paytm claims to have a merchant base of around 25 million people.
Through SMS or QR code, beneficiaries can offer e-RUPI as a cashless prepaid voucher. Paytm’s merchant partners can scan, enter the payment amount, and receive the funds in their bank accounts.
The scheme was started in August of last year to assist people without formal banking services or smartphones in taking advantage of the simplicity of digital payments.
“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,” Satish Gupta, managing director and chief executive of Paytm Payments Bank, said.
