Paytm Joins Forces with Axis Bank to Boost Merchant Payment Solutions

Fintech firm One 97 Communications, which owns Paytm, has partnered with Axis Bank to offer point of sales solutions and card payment machines to banks and merchants. This collaboration aims to enhance store management services and expand the merchant base for both companies through improved transaction efficiency.

Fintech firm One 97 Communications, the owner of Paytm, announced a strategic partnership with Axis Bank to provide point of sales (POS) solutions and card payment machines to its merchant network and banks on Tuesday.

Paytm's EDC devices, which include integrated store management software, will offer features like inventory management, invoice generation, sales tracking, CRM, and more, enabling comprehensive store management services.

"By integrating our POS solutions and EDC devices with Axis Bank's extensive merchant network, we are boosting transaction efficiency while supporting merchants in growing their businesses," said a Paytm spokesperson.

This partnership is expected to widen Paytm's technology reach via Axis Bank, improving capabilities for both parties.

Axis Bank, in turn, will strengthen its merchant acquiring portfolio through this collaboration, offering enhanced payment solutions to a larger merchant base.

"We are thrilled to support Paytm in the EDC business. This partnership is a significant milestone to expand our business offerings," said Sanjeev Moghe, President & Head, Cards & Payments, Axis Bank.

(With inputs from agencies.)