 "Paytm partners with Axis Bank to provide payment technology solutions")
One97 Communications (OCL), the company that owns fintech firm Paytm, on Tuesday said it will partner with Axis Bank to provide point-of-sale (POS) solutions and electronic data capture (EDC) or card machines to the lender and its merchant network.
Vijay Shekhar Sharma, founder and chief executive officer of Paytm, had recently said the company will provide its technology to partner banks.
Paytm’s technology solutions, via payment acceptance devices, will reach a wider base through Axis Bank, said the company.
Paytm’s software offers complete store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting, and customer relationship management, the company said.
“This partnership extends our reach and strengthens customer engagement and satisfaction, ultimately supporting merchants in growing their businesses. We are thrilled to offer innovative solutions that meet the evolving needs of the market and continue to revolutionize the digital payment landscape,” said a Paytm spokesperson.
Paytm lost about one million merchant subscriptions in the fourth quarter of financial year 2024 (Q4 FY24) after the Reserve Bank of India’s (RBI) action on its associate entity Paytm Payments Bank.
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At the end of Q1 FY25, the company had 10.9 million merchant subscriptions.
“We are happy to support Paytm in the EDC business. This partnership enables us to extend our relevant business offerings to a larger base of merchants and this is an exciting milestone to build upon,” said Sanjeev Moghe, President & Head, Cards & Payments, Axis Bank.