Paytm has emerged not only as a household name but also as a key player in empowering businesses, especially through its merchant leadership initiatives. A key player in the fintech landscape, the company’s journey is not only marked by innovation but also by its unwavering commitment to merchant empowerment.
Focusing on expanding mobile payment acceptance network by enabling merchants with best-in-class product and technology, Paytm offers the most comprehensive solution to address the needs of a wide variety of merchants. Having a total merchant base of 3.8 crore as of September 2023, the company also accelerated device subscriber addition to 44 Lakh YoY and 14 Lakh QoQ, taking overall merchant subscriber base to 92 Lakh, in September 2023 (Q2 FY24).
Seeing the success and easy adoption of the QR, the company further went on to launch the Paytm Soundbox in 2019, especially for the merchants who do more than 100 transactions a day. Paytm also enjoyed the first-mover advantage with the Soundbox. The pioneering device proved to be a game-changer for merchants seeking a seamless and efficient payment experience.
Paytm Soundbox quickly became the voice of mobile payments for the merchants. By the end of 2022, the company had achieved an impressive feat, deploying a new Soundbox device every six seconds. This staggering adoption rate highlighted the resonance and popularity of the innovative tool among businesses.
The Soundbox also played a crucial role in boosting the company’s ability to offer loans. The exclusivity and widespread adoption of the Soundbox created a sense of community among merchants, enhancing their trust in Paytm and opening up new avenues for financial services.
Recognizing the evolving landscape, the company strategically positioned itself as a merchant-centric platform. A crucial element of this approach was its commitment to swift and effective service. When a merchant raises an assistance request, irrespective of their location, a Paytm agent would arrive within an hour, according to a report by The Ken. This level of responsiveness not only addressed immediate concerns but also contributed to building a strong foundation of merchant loyalty.
In order to serve the diverse needs of its growing 3.8 crore merchants, the company also launched Card Soundbox with tap and pay feature, Pocket Soundbox for mobile merchants and Music Soundbox for merchants who love to listen to music.
Paytm’s merchant leadership reflects a commitment to understanding and addressing the unique needs of merchants, fostering a sense of community, and providing tools that empower businesses to thrive. As the fintech landscape continues to evolve, Paytm’s innovative approach to merchant services stands as a testament to its enduring impact on the world of digital finance.