One 97 Communications Limited (OCL), which owns the brand Paytm, has partnered with Axis Bank to provide advanced POS solutions and EDC devices (card machines) to the bank and its merchant network.
“This collaboration is set to transform the merchant acquiring business by harnessing advanced technology to optimize business operations and elevate customer satisfaction,” Paytm said in an exchange filing.
This partnership is set to expand the reach of Paytm’s innovative technology, enhancing the capabilities of both entities. Axis Bank benefits by strengthening its merchant acquiring portfolio with state-of-the-art payment solutions that improve transaction efficiency and operational effectiveness. For Paytm, this collaboration extends its market presence and demonstrates its commitment to providing innovative technological solutions that meet the evolving needs of the merchant community.
Paytm’s EDC devices are equipped with a comprehensive suite of features designed to streamline business operations and drive growth. The integrated software offers complete store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting, CRM, and more. This POS solution ensures that merchants can effectively manage their businesses while enjoying seamless payment processing capabilities.
Sanjeev Moghe, President & Head of Cards & Payments at 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 Paytm spokesperson stated, “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 (card machines) 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 revolutionize the digital payment landscape.”
The company also added that a notable feature of its offering is the provision of multiple EMI options, which enhances consumer affordability and allows merchants to offer flexible payment plans to their customers. This capability not only increases customer satisfaction but also helps merchants boost their sales and expand their businesses.