Paytm lets Indian merchants accept contactless payments on NFC phones

Paytm contactless NFC smart POS for Indian merchantsts on NFC phones
SOFTWARE POS: Paytm Smart POS enables merchants to accept card payments using their smartphone

Merchants in India can now use a standard Android NFC smartphone to accept contactless payments using a software point of sale (sPOS) solution being rolled out by mobile payments giant Paytm.

To use the service, merchants download Paytm Smart POS via the Paytm Business app and can begin collecting credit and debit card payments without needing any additional software or physical POS devices.

“We aim to equip millions of street hawkers, small merchants, MSMEs, tuck-shop owners, kirana stores who have smartphones with this service,” Paytm says in a blog post.

“Once downloaded, merchants can start collecting payments from their customers by tapping the card on the back of their smartphones.

“The payment is then successfully collected and transferred to the merchant’s account along with the other QR payments. This provides the businesses with a single-point easy reconciliation.”

The Smart POS solution has been launched in India with support from Visa and Mastercard and will add support for RuPay “soon”.

A short promotional video explains how the service works:

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