One 97 Communications Limited, the parent company of Paytm, has entered into a strategic alliance with Axis Bank to provide advanced point-of-sale (POS) solutions and electronic data capture (EDC) devices to its merchant network.

What Happened: Paytm’s collaboration with Axis Bank, one of the leading private sector banks in India, is intended to revolutionize the merchant acquiring business by leveraging cutting-edge technology to streamline business operations and improve customer satisfaction.

This partnership will allow Paytm’s advanced technology to reach a broader merchant base through Axis Bank, thereby enhancing the capabilities of both entities. For Axis Bank, this collaboration bolsters their merchant acquiring portfolio, allowing them to offer top-notch payment solutions that boost transaction efficiency and operational effectiveness.

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Paytm aims to equip its merchant network with state-of-the-art technology that includes comprehensive store management services such as inventory management, invoice generation, promotions and discounts, sales tracking and reporting, and customer relationship management (CRM).

Sanjeev Moghe, president and head of cards & payments, Axis Bank, expressed his enthusiasm about the partnership, stating, “We are happy to support Paytm in the EDC business. This partnership enables us to extend our relevant business offerings to a larger base of merchants and this is an exciting milestone to build upon.”

Price Action: Shares of One 97 Communications were down 0.7% at ₹449.30. Axis Bank was trading 0.7% higher at ₹1,283.40.

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