Paytm launches smartphone-based NFC payments for merchants

Bengaluru: Digital payments major Paytm on Tuesday said it will let merchants use smartphones to accept near field communication (NFC)-based debit and credit card payments through its ‘Paytm Smart POS’ for Android phones.

Enabling the soft-point-of-sale model, through ‘Paytm for Business App’, the application transforms a merchant’s smartphone into a device that accepts card payments just like a physical point-of-sale machine. Merchants can start collecting payments from their customers by tapping the card on the back of their smartphones.

Software Point of Sale or SoftPoS is a technology which allows customers to pay through NFC enabled cards by tapping on the merchant’s smartphone directly without need of any additional software or devices.