Paytm Payments Bank Limited has announced that it is an official acquiring partner for ‘e-RUPI vouchers’. e-RUPI, which is a government 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.
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- 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.
- 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.
Important takeaways for all competitive exams:
- Paytm Payments Bank Founded: 2015;
- Paytm Payments Bank Headquarters: Noida, UP;
- Paytm Payments Bank Founder & CEO: Vijay Shekhar Sharma.