Financial services company, Paytm, has announced that ‘Business Khata’ has become India’s fastest-growing e-ledger service. As more kirana stores are adopting digital transactions to avoid cash, Paytm has recorded over Rs 1,500 crore of payments since the launch of its Business Khata services in January this year.
During the ongoing lockdown the service has witnessed four times growth both in terms of new merchants and the total number of daily transactions.
Paytm has revolutionised the offline payments with its QR-based merchant payments. The company launched Business Khata to enable kirana store partners to maintain digital ledgers of all their customer transactions including cash and credit (udhaar).
Using this service, a million merchants have moved digitally and have also learned to set payment due dates for credit transactions and send automated reminders. With this, the customers receive a notification with their billing history, and they are able to make payments through the same link through their preferred mode of Paytm Wallet, Paytm UPI, cards, or net banking.
Sajal Bhatnagar, Vice President at Paytm said, “Paytm Business Khata has become an essential service for kirana stores as it automates their manual cash collection. It has helped them to significantly improve cash flow and clear their sales outstanding digitally. We are overwhelmed with the growth achieved and will work towards educating more kiranas about its convenience.”
Paytm Business Khata service is absolutely free for merchants and they can download the ‘Paytm for Business’ app to use this service. They can also download reports for easy verifications and to track daily sales growth; thereby improving overall business efficiency.