Financial services platform Paytm on Tuesday launched two new Internet of Things (IoT)-based payment devices, helping businesses to accept card payments on Android phones. The Paytm Smart PoS application allows smartphones to accept debit and credit card payments like an electronic data capture machine does. Supported by the Paytm for Business app, the Smart PoS will enable merchants to start accepting contactless card payments. The payment will be enabled through the near field communication (NFC). Paytm has partnered with financial services institutions, including Visa and MasterCard, for facilitating card payments for Smart PoS. Merchants need to sign up on the Paytm for Business App, after which they will be required to download the ‘Paytm Smart PoS’ on their Android-based mobile phones. Once downloaded, merchants can start collecting payments from their customers by tapping the card on the back of their smartphones. The payment is then successfully collected and transferred to the merchant’s account along with the other QR payments. This provides the businesses with a single-point easy reconciliation.