Thursday, May 23, 2024
HomeBusinessPaytail Launches QR Code For Partner Merchants

Paytail Launches QR Code For Partner Merchants

The company aims to disrupt the offline $300 billion annual trade.

Paytail, an active and fast-growing player in the offline BNPL market, has launched an all-in-One QR code for all the partner merchant stores. The company aims to disrupt the offline $300 billion annual trade.

With this QR code, merchants can offer zero-Cost EMIs on all their products irrespective of subventions from the brands. They would also receive the payment settlement instantaneously against the current delays these stores face from legacy players. Additionally, for shoppers, the ‘Scan and Pay’ feature in the application allows converting any transaction with partner stores into a zero-cost EMI.

The payment source is neutralized, as the QR code works across UPI Apps, Debit Cards, Credit Card EMIs, and Paytail’s instant credit line of up to Rs 2 lakh. The credit delivery through the app is instant, helping the merchants to convert more customers, as lack of funds has been observed as the biggest reason for customer dropouts.

With a unique seller-driven approach, Paytail’s goal is to help millions of small merchants across industry segments increase revenues and profitability. A buy-now-pay-later product is a great starting point as credit availability has fueled demand across segments. With more access to easy and instant credit, shoppers can increase the quantity or quality of the purchases, allowing merchants to cross-sell and up-sell.

Paytail is also planning a ‘Premium Re-Seller Program’ in the coming months. The initiative is focused on dishing out more freebies for key merchants who sign-up for the program to help them convert more buyers.

Speaking on this launch Vikas Garg, Paytail’s Co-founder, said, “Indian retail is still primarily driven by offline trade, and accounts for close to 95% of the total spends. We are enthralled by the opportunity to serve the merchant partners and help them grow. The intention is to go all in and solve the real problem statements of this space. For India to reach its goal of $5 trillion GDP by 2024, the growth must be driven from scratch. With a huge population entering the workforce in the next few years, the next wave of growth would be driven from counters of the offline sellers.[1] [2] ”

As part of its go-to-market strategy, Paytail also ties up with brands and has seen significant traction on the platform with 15+ active brands, 25000+ merchants within a short time. For brands, especially in legacy segments like mobiles and consumer durables, BNPL has played a crucial role in accelerating growth. Paytail is replicating the same success story across other novel industry segments, which are highly under-penetrated and devoid of BNPL solutions. The plans are to grow key business metrics by 10x-15x in 8 to 12 months.

Source: Business World

- Advertisment -

Most Popular

Recent Comments