Paytm and Axis Bank Join Hands To deliver POS solutions By CIOTechOutlook Team

Paytm and Axis Bank Join Hands To deliver POS solutions

CIOTechOutlook Team | Tuesday, 23 July 2024, 08:40 IST

One 97 Communications, a fintech company that owns Paytm, announced a partnership with Axis Bank to offer point of sale solutions and card payment machines to banks and their network of merchants.

In a regulatory filing, Paytm stated that their EDC devices have integrated software providing store management services like inventory management, invoice generation, promotions, discounts, sales tracking, reporting, and CRM.

"By integrating our POS solutions and EDC devices (card machines) with Axis Bank's expansive merchant network, we are enhancing transaction efficiency and providing comprehensive store management services. This partnership extends our reach and strengthens customer engagement and satisfaction, ultimately supporting merchants in growing their businesses," Paytm spokesperson said.

Through the collaboration, Paytm anticipates that its technology will reach a broader group of merchants through Axis Bank, ultimately boosting the capabilities of both parties. The partnership enhances Axis Bank's merchant acquiring portfolio and allows them to provide payment solutions, according to the statement.

"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," Sanjeev Moghe, President & Head, Cards & Payments, Axis Bank said.