Indian online payments firm Paytm has outlined an INR6bn ($89.6m) investment plan to expand its Quick Response (QR) code-based payment network in the country.
The Noida-based company, which is managed by One97 Communications, seeks to add 10 million merchants enabled with the QR code-based payments system across 650 districts by December this year.
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The mobile payment firm said that the money will be invested to build the back-end for QR code-based payments to facilitate transactions at low bandwidth and with low-end smartphones.
The Alibaba-backed platform, which is gearing up to roll out its e-commerce marketplace, said that the investment is also aimed at boosting the use of the platform among offline merchants and retailers.
Paytm senior vice-president Kiran Vasireddy said: “Our 0% merchant transaction fee coupled with an aggressive merchant acquisition rate, will help us take QR code-based payments to every nook and corner of this country.
“We will invest INR6bn this calendar year, which will be used for scaling up merchant acquisition teams, marketing and cash-backs.”
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By GlobalData
