If you are a shopkeeper and are sick of using a POS machine, then you need to hear this.
Mypaymart has come up with a convenient app to speed up the payment process. Now you do not need to depend up on the old methods of receiving payment from customers. Gone are the days of card swapping.
Payment will be made from the account to which the customer’s phone number is linked to. Amit Narang, director of Mypaymart, announced about creating this app at Cannable. Chandigarh Angels Network has launched this program, in association with UIET, Panjab University. Cannable was centered around startups which have congregated for raising funds and having a panel discussion on this topic. 23 investors attended the program.
Business Plan Behind The Step
This app was developed with one intention in mind, that of solving the perils of the shopkeeper. All other payment apps in the market are customer-centric. This app focuses on the shopkeeper.
India is home to 8 crore merchants. 3.5 crores are registered and the remaining is unregistered. This startup has set a target to cover one lakh merchants, especially the ones in the rural areas. State Bank Of India has tied up with Mypaymart in this initiative. The payments will be received by SBI, which in turn bridges the customer and the shopkeeper.
How This App Works
♦ Shopkeeper puts in the mobile number of the customer
♦ All accounts associated with the number are displayed
♦ Customer selects the bank account for payment
♦ An OTP is sent which aids in further payment
What Are The Benefits Of Using This App?
♦ You do not need a debit or credit card for payment
♦ There are 42 banks to pick from.
So, what are your views on the easy payment collection app? Do send in your views by using the
comments box given below.
Source: Times of India
Image Source: Google Images