Hyderabad, Aug 10 (KNN) In a bid to digitise Small and Medium Enterprises (SME), digital payments company Paytm on Monday announced a pocket-sized point-of-sale (PoS) device focusing on accepting orders and payments on the go. 

The company would charge Rs 499 as an introductory monthly rental for the device that “is much more powerful than the portable Linux based POS devices”.

''The company will invest Rs 100 crore on distribution and marketing of the device in FY21 even as the device is offered at “the lowest price in the market” to help SMEs, restaurants, takeaway joints, kiranas, etc. with contactless ordering and payments,'' Paytm said in a statement.

''It has targeted to issue more than 2 lakh devices in the coming months that will generate more than 20 million monthly transactions,'' Paytm added.

This smart POS device is integrated with the ‘Paytm for Business’ app to generate GST compliant bills and also to manage all transactions & settlements. Besides this, Paytm for Business app also helps merchants to avail of numerous business services and financial solutions such as loans, insurance, and Business Khata to manage digital ledger of all their transactions including udhaar, cash, and card sales.

''It also has a merchandise store on the app offering Paytm All-in-One QR integrated utility items such as soundbox, calculator, power bank, clock, pen stands, and radio,'' the statement said.

“Our Paytm for Business app, Khata and payout services are providing the much-needed digitisation support to businesses to improve their efficiency and supporting them to join the Digital India mission,” said Renu Satti, senior vice president at Paytm

 Launched this year, Paytm Payout is fast becoming a must-have tool for businesses to make regular payments to their employees, vendors, and business partners. During the ongoing pandemic, more businesses have used the service to process payments of over Rs 1500 crores either to the Paytm wallet, food wallet, gift voucher, or bank account of millions of beneficiaries.