Paytm and Axis Bank Come Together to Enhance Transaction Efficiency via POS and Card Payment Devices Paytm partners with Axis Bank to offer point of sales solutions and card payment devices
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One 97 Communications Limited (OCL), the parent company of Paytm, has announced a strategic partnership with Axis Bank, one of India's largest private sector banks, to provide point of sale (POS) solutions and electronic data capture (EDC) devices to the bank's extensive merchant network, as per regulatory filings. This collaboration is poised to revolutionise the merchant acquiring business by leveraging advanced technology to optimise business operations and enhance customer satisfaction.
Paytm's EDC devices come equipped with a robust suite of features designed to streamline operations and drive business growth. The integrated software offers comprehensive store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting and customer relationship management (CRM).
Sanjeev Moghe, president & head, cards & payments, Axis Bank said, "We are happy to support Paytm in the EDC business. This partnership enables us to extend our relevant business offerings to a larger base of merchants and this is an exciting milestone to build upon."
A notable feature of Paytm's offering is the provision of multiple EMI options, which enhances consumer affordability. This allows merchants to offer flexible payment plans to their customers, thereby increasing customer satisfaction and boosting sales.
Through this partnership, Paytm's cutting-edge technology will reach a wider merchant base via Axis Bank, enhancing the capabilities of both entities. For Axis Bank, this collaboration strengthens their merchant acquiring portfolio, enabling them to offer state-of-the-art payment solutions that enhance transaction efficiency and operational effectiveness. For Paytm, it extends their market presence and demonstrates their commitment to providing innovative technological solutions that meet the evolving needs of the merchant community.
A Paytm spokesperson added, "Our collaboration with Axis Bank represents a significant milestone in our mission to empower merchants with innovative technology. By integrating our state-of-the-art POS solutions and EDC devices with Axis Bank's expansive merchant network, we are enhancing transaction efficiency and providing comprehensive store management services. This partnership extends our reach and strengthens customer engagement and satisfaction, ultimately supporting merchants in growing their businesses. We are thrilled to offer innovative solutions that meet the evolving needs of the market and continue to revolutionise the digital payment landscape
By enhancing consumer affordability and boosting sales, this collaboration promises to deliver significant benefits to both merchants and customers alike.
