Imagine that you are travelling to a particular destination via an auto. You suddenly realize that you don’t have sufficient money to pay the auto driver. You then notice a pre-printed Paytm QR code pasted behind the driver’s seat and heave a sigh of relief. As there is sufficient balance in your digital Paytm wallet, you can scan the code and pay the auto fare.
Paytm has refined its app by adding a QR code option. A QR or quick response code is a machine readable matrix bar code that contains information. The code can be used for making payments. The buyer needs to scan the code of the merchant and enter the amount that needs to be paid and approve the payment.
Paytm is encouraging its 10,000 merchants who enable topping up of Paytm wallets with cash, to start using the QR code-based payment option. The company is also planning to introduce a merchant application that will contain more functionality in addition to generating dynamic QR codes that contain payment information. The QR code option will allow basic service providers to carry a laminated pre-printed QR code of their account and receive payments without a data connection. A confirmation SMS will be sent once the payment has been processed.