Paytm partners with Jana Small Finance Bank for deployment of card devices

Paytm partners with Jana Small Finance Bank for deployment of card devices: One97 Communications Limited (OCL), the company that manages the Paytm brand, announced a cooperation with Jana Small Finance Bank in order to deploy card readers and improve the country’s retail industry’s digitalization.

What does this partnership offers?

• With this collaboration, Jana Small Finance Bank will be able to offer Paytm’s All-in-One EDC devices to its present and new customers, giving a one-stop solution for all of their digital payment needs.
• Paytm’s card machines offer a feature-rich payment solution that has enabled our merchant partners’ companies to grow rapidly. This collaboration will help in expanding the reach and deployment of card machines throughout India’s small cities and towns.
• The digital payments revolution in India will be facilitated by this agreement between Paytm and Jana Small Finance Bank.

What are the services provided by Paytm’s card machines?

The Paytm’s card machines enable its merchant partners to take payments in many languages via UPI, credit/debit cards, net banking, international cards, Paytm Postpaid, Paytm Wallet, and EMI. Additionally, it provides instant voice warnings and instant settlement, which makes working with merchant partners easier.

What are Small Finance Banks?

Small Finance Banks are a type of bank established by the Reserve Bank of India under the direction of the Government of India with the goal of increasing financial inclusion by primarily providing basic banking services to underserved and unserved segments such as small business units, small and marginal farmers, micro and small industries, and unorganised entities. These banks, like other commercial banks, can engage in all basic banking activities such as lending and accepting deposits.

About Paytm

• Paytm is a Noida-based provider of financial services and digital payments. Vijay Shekhar Sharma established it in 2010 under One97 Communications.
• Paytm continues to dominate the offline payments market with more than 4.5 million active devices. With their ability to take a variety of payment methods, integrated billing, and rapid settlement, Paytm’s EDC devices and All-in-One POS devices have revolutionized digital payments in India.

About Jana Small Finance Bank

• Jana Small Finance Bank is a small finance bank that began operations on March 28, 2018.
• Headquarter: Bangalore, India
• CEO: Ajay Kanwal