Paytm updates its Mobile app for easy Merchant transactions

Paytm updates its Mobile app for easy Merchant transactions

Posted by Vivek Nama on January 17th 2017

With the Paytm founder and CEO Vijay Shekhar Sharma announcing that the Reserve Bank of India gave permission to formally launch Paytm Payments Bank after a 5 month wait.
 
It plans to target as many as 200 million wallets, current and savings accounts and as part of this digital transaction drive it has also updated its mobile app with some new features to make it easier for merchants to make transactions.
 
Updates
 
1. Merchants will be able to accept up to Rs 50,000 directly into their bank accounts. They will now be able to declare themselves on the app itself and start accepting up to Rs. 50,000 directly.
 
2.The amount is settled at midnight every day, with the settlement charges staying at 0%.
 
3.In order to self-declare, merchants need to click on 'Accept Payment' and then select 'bank account' and enter the details and confirm.
 
4.Wallet balance of a self-declared merchant should not exceed Rs 20,000, post which the amount is settled directly to the merchant's bank account.
 
5.The app will also support  fingerprint detection as part of the new update. Users can now set their fingerprint as the password. Along with this, they will also be able to scan the recipients' Paytm QR codes from their phone's image gallery.
 
6.The app provides the users access to 'Paytm Community Forums' option, where they can get all their queries answered.

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