Paytm, run by Vijay Shekhar Sharma’s One97 Communications, gets 65% of overall transactions on its platform via QR codes. Ltd, will invest Rs600 crore over the next 10 months to expand its QR code-based payment network, the company said on Monday. QR code, or Quick Response code, is a machine-readable label that contains information such as account details of the merchants. Paytm first introduced this payment option in October 2015 allowing a customer to scan a code with their smartphones and instantly transfer money to the merchant’s Paytm account. Unlike other PoS (point of sale) machines, QR codes have zero transaction charges and have no cost of installation.

Source: Mint February 19, 2017 18:45 UTC