The Digital wallet company Paytm in April 2017 announced the launch of new feature QR code on its Paytm Mall application. This QR code will allow consumers to place online orders at physical stores.
Company : Paytm Parent: One97 Founder and CEO: Vijay Shekhar Sharma Founded: 2010 Headquarters: Noida, Uttar Pradesh, India
With this launch, Paytm becomes the first company to invest in QR code-based payment solution. The company in a statement said that the move is aimed at smartphone users of non-metros cities who still do not shop online.
The first product to be marketed or sold via this feature of Paytm Mall is handsets of Samsung. Later, the company will bring all FMCG and consumer product firms on the board for the same purpose.
Highlights of the QR code feature
• It will be beneficial for the partner retailers and merchants by enabling them to earn additional revenue in form of commission while eliminating the need for keeping the inventory.
What is QR code?• QR code (Quick Response code) is a two-dimensional (matrix) machine-readable bar code made up of black and white square. This code can be read by the camera of a smartphone.
• It is used for storing URLs or other information that link directly to text, emails websites phone numbers.
• It is capable of 360 degrees (omni-directional), high speed reading.
• QR Code can store up to 7089 digits as compared to conventional bar codes which can store max 20 digits.
• It encodes same amount of data in one-tenth the space of a traditional bar code. It carries information both horizontally and vertically.
• It has error correction capability and data stored in it can be restored even if it is partially damaged or dirty.
• As per reports, the seller will be able to earn a percentage margin on each purchase that is made by scanning the Paytm QR code. This margin will be based on the product and may vary from 3 per cent to 20 per cent.
How to use the QR code of Paytm Mall
The company explained that the consumers will have to visit the Paytm partner stores in their neighbourhood and scan the QR code by using their Paytm or Paytm Mall app to browse and order products. “This will enable shopkeepers to sell products online without having to tackle with inventory management and deliveries”.Why QR code Launched
Over 95% of the population in the country still shops offline as there is a trust that exists between on offline retailer and customer. Thus, the company wants to create an offline network as a platform for brands to reach out to millions of consumers, thereby, optimising the supply chain and marketing expenses on their behalf.
Paytm Mall
Paytm Mall was launched by Paytm in the last week of February 2017 with an aim to offer combination on the Mall and Bazaar concepts to Indian consumers.
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