Paytm is raking in Rs 600 crore in QR code payment method. This is why it is less cumbersome

Paytm is now looking forward to infuse about Rs 600 crore this year to expand its quick response or QR code-based payment solution in India. The development comes at a time when IndiaQR code is all set to be unveiled.

According to a senior executive of the company, the mobile wallet company plans to invest largely in areas such as manpower, technology, and merchant education for a faster adoption of QR codes.

"In about a year of starting QR code-based offline payments, it contributes about 65% of overall transactions on the platform. We are putting an additional capital of Rs 600 crore this calendar year which will be used for merchant acquisition, marketing and cashbacks," said Kiran Vasireddy, senior VP, Paytm. The Alibaba backed-company has about 5 million merchants on its platform. "We are looking to double the number of merchants by end of the year on the back of these investments," he told TOI.

Paytm QR code-based payments in 2015 and has been pushing it aggressively for offline payments. Riding on the wave of demonetisation resulting into multiple times growth in overall business, Paytm has been expanding its QR code platform on the back of increasing user base.

Earlier it was reported that common QR code is being planned as part of continuous effort of the government to make digital payments popular in the country post demonetisation. Initially, the common QR code is integrated largely on Visa,MasterCard and RuPay platforms along with Aadhaar-based payments and bank transfers.