Indian payments Fintech Paytm says that one of things they are proud of is their 23 million merchant partners, who have chosen them for the “trusted” and secure payments experience.
Paytm writes in a blog post that they’ve built their leadership in the peer-to-merchants space, with their sharp focus on bringing innovations that support seamless virtual payments.
Paytm pointed out in their update that it has come to their attention that a video on social media is “doing the rounds regarding a Paytm Spoof/look-alike app, which gives a false payment confirmation page.”
Paytm clarified that their merchant partners, who have been with them, are “a testimony to the fact that with Paytm. they have several ways to ensure payment receipt whenever a customer does a transaction.”
This can be through SMS notifications, in app notifications through Paytm for Business App, and the Paytm SoundBox.
Paytm for Business App
Using the ‘Paytm for Business’ App, their merchant partners are able to check or verify the details of every transfer, download regular reports and also gain access to important business information such as the estimated time of bank settlement, among other things.
One of the most appreciated innovations from the Paytm family of products is the Paytm Soundbox, which “gives instant audio confirmations for payments,” the company explained. They also mentioned that the SoundBox “supports vernacular languages, which means that merchants across the country can just use the audio device to get payment confirmations.”
Paytm Soundbox “supports payments on Paytm QR codes through multiple payment methods – Paytm Wallet, Debit & Credit Cards, Net Banking and BHIM UPI.”
This is “an excellent device which also promotes social distancing during these tough COVID times, as it helps the shopkeepers avoid any actual hand-to-hand transaction of money and also, small merchants with feature phones do not need to depend upon SMS confirmations,” the team at Paytm noted.
So, merchant partners don’t have to “rely on just customer screenshots and can instead get their own confirmations,” the firm explained while noting that their merchant partners “should also watch out for the confirmation ticker on the Paytm App.”