Logos of Paytm and Axis Bank.
Credit: Reuters Photos
New Delhi: Fintech firm One 97 Communications, which owns the brand Paytm, has partnered with Axis Bank to provide point of sales solutions and card payment machines to banks and its merchant network, the company said on Tuesday.
Paytm's EDC devices (card machines) come equipped with an integrated software that offers complete store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting, CRM, etc, the company said in a regulatory filing.
"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 this partnership, Paytm expects its technology to reach a wider merchant base via Axis Bank, thereby enhancing the capabilities of both entities.
For Axis Bank, this collaboration strengthens their merchant acquiring portfolio, enabling them to offer payment solutions, the filing said.
"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.