Paytm Partners with Axis Bank to Offer Enhanced POS Solutions and Card Payment Devices
In a strategic move to expand their market presence, fintech firm One 97 Communications, the parent company of Paytm, has entered into a partnership with Axis Bank. Announced, the collaboration aims to provide advanced point of sales (POS) solutions and card payment devices to both banks and Paytm’s extensive merchant network.
Under this partnership, Paytm will supply its electronic data capture (EDC) devices card machines equipped with integrated software designed to offer a comprehensive suite of store management services. These services include inventory management, invoice generation, promotions and discounts, sales tracking and reporting, and customer relationship management (CRM).
A Paytm spokesperson highlighted that this collaboration would enhance transaction efficiency and extend the company’s reach by integrating their POS solutions and EDC devices with Axis Bank’s broad merchant network. The partnership is expected to significantly boost customer engagement and satisfaction, ultimately aiding merchants in business growth.
For Axis Bank, the deal strengthens their merchant acquiring portfolio, allowing them to offer a more robust range of payment solutions. Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, expressed enthusiasm about the partnership, stating, "We are pleased to support Paytm in the EDC business. This partnership allows us to broaden our business offerings to a larger merchant base, marking an exciting milestone for us".
