How Will Paytm’s Partnership with Axis Bank Impact POS Solutions and Card Payment Devices?

Fintech Firm One 97 Communications, Owner of Paytm, Partners with Axis Bank to Enhance Point of Sales Solutions

Fintech giant One 97 Communications, the parent company of Paytm, has announced a strategic partnership with Axis Bank to offer advanced point of sales (POS) solutions and card payment machines to its extensive network of banks and merchants, the company disclosed on Tuesday.

Paytm’s EDC devices (card machines) are integrated with comprehensive software that facilitates complete store management. This includes inventory management, invoice generation, promotions and discounts, sales tracking, reporting, customer relationship management (CRM), and more, according to a regulatory filing by the company.

“By merging our POS solutions and EDC devices with Axis Bank’s vast merchant network, we aim to enhance transaction efficiency and deliver holistic store management services.

This collaboration expands our reach, boosts customer engagement and satisfaction, and ultimately supports merchants in growing their businesses,” a Paytm spokesperson stated.

With this partnership, Paytm anticipates its technology will reach a broader merchant base through Axis Bank, thereby augmenting the capabilities of both companies.

For Axis Bank, this alliance strengthens their merchant acquiring portfolio, enabling them to offer enhanced payment solutions, the filing noted.

“We are pleased to support Paytm in the EDC business. This partnership allows us to extend our relevant business offerings to a larger base of merchants, marking an exciting milestone to build upon,” said Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank.