On Thursday, Paytm Founder Vijay Shekhar Sharma shared a photo of India's first QR code-enabled store, hailing it as the "humble beginning" that sparked a digital revolution.
Digital payments and electronic wallet startup Paytm introduced a QR code-based payment system in 2015, meant to be used at small stores and service providers. By 2017, Paytm's QR code-based solution was already powering more than five million merchants across the country.
The QR code payment system can be used by the shopkeepers to accept digital payments. It is today used by millions across the country to pay kirana stores, tolls, food courts, hospitals and more. Within a year of launch of its QR code-based offline payments, it already contributes around 65 percent of overall transactions on its platform, the company said.
Mr Sharma's tweet shows the store that, in September 2015, became India's first store to accept QR code-based payments.
A picture of the store was posted on the microblogging platform by Kumar Aditya, Senior Vice President - Paytm QR Business. It shows a shop named "Haryana Store", selling "cosmetics, confectionery, groceries etc".
Responding to it, Mr Sharma wrote: "Every revolution has a humble beginning."
Every revolution has a humble beginning. ???????????? https://t.co/uA5Voia1cg— Vijay Shekhar Sharma (@vijayshekhar) October 1, 2020
"A journey of a 1000 miles begins with a single step," remarked one Twitter user.
"Happy 5th Birthday! You have grown so fast," another said.
In 2017, Paytm announced that it would invest Rs 600 crore in its QR-based payments solution. It also added support for scanning third-party QR codes within the app.
Disclosure: Paytm's parent company One97 is an investor in Gadgets 360.