Paytm Payments Bank said on Monday that it had become an official acquiring partner for the government’s e-RUPI vouchers initiative.
The bank has collaborated with Paytm parent One97 Communications Ltd (OCL) to use the last’s trader base.
With this, Paytm’s traders will actually want to gather payments through e-RUPI.
Paytm says it has a trader base of very nearly 25 million as of now.
e-RUPI is a cashless prepaid voucher that beneficiaries can introduce through SMS or QR Code.
Paytm’s merchant partners can then sweep, enter the sum to be paid and get the payment directly into their bank accounts.
The plan was launched in August last year to assist people with no admittance to formal banking services or cell phones, to avail the convenience of digital payments.
“With the acknowledgment of e-RUPI vouchers, traders the nation over will actually want to advance credit-only payments, which will additionally drive the government central goal of acquainting more Indians with the digital economy,” Satish Gupta, managing director and CEO of Paytm Payments Bank, said.