Paytm wants to know: where are the merchants without QR codes?

Paytm*, the fintech giant that was last valued at $16 billion would've never been able to get where it is now without its field agents. Field agents are to fintech payments companies, what delivery partners are to Zomato, Swiggy: their backbone.Out of the 70,000 odd fintech field agents in India, Paytm has about 35000 of these  all around the country. The fintech giant boasts of nearly 40 million registered offline merchants now thanks to the work of its agents.But things are changing now. It's become very challenging for them to onboard new merchants, especially in urban areas, where there are barely any businesses left to tap. As for rural areas, which have a bigger share of untapped merchants, fintechs think its too expensive. Plus the growing competition amongst fintechs has made merchant loyalty difficult to maintain.The market has become saturated and of course, who could be feeling the most pressure but these agents.But what do fintechs expect them to do? Tune in.(*Paytm founder Vijay Shekhar Sharma is an investor in The Ken)Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.