Indian digital payments platform Paytm has clocked more than 1.2 billion monthly transactions and says that this 15% month-on-month growth means that the platform recorded the most number of transactions among all digital payments platforms. Paytm says that this massive growth comes because of a spike in offline payments and financial services. Paytm is competing with the likes of PhonePe, Google Pay, Mobikwik and Amazon Pay, in the digital payments space in India. Paytm has more than 150 million monthly active users. Paytm also says that more than 505 of the merchant partners on board also have the full-fledged Paytm Payments Bank account.
Paytm says that there has been a steady increase in the number of users who use the platform for digital payments, also availing financial services available. Among the services currently available on Paytm, users have access to the Paytm Payments Bank, Paytm Money for wealth management services, Paytm Postpaid, Paytm Insurance and Paytm credit cards in partnership with SBI Cards. Paytm Money, the company says, is being used by more than 50 percent of the users for services and products including mutual funds, stocks, IPO, F&O, ETF and digital gold. Paytm Postpaid, the micro-credit option, also has 7 million users within 6 months of launch.
“We have consistently maintained industry-leading market share & growing at an impressive rate. We have been promoting all digital payment methods giving multiple choices to consumers that have helped us in consolidating our leadership position. In fact, a large percentage of our users who started their digital journey with Paytm, have now adopted & embraced our financial services. We introduced the country to innovative QR technology that empowered millions of small shopkeepers with digital payments. By incorporating technological advancements, we have now brought in the next wave of digital payments revolution with our Paytm All-in-One Android POS devices & Soundbox,” says Narendra Yadav, Vice President – Paytm, in an official statement.
As part of the push for the government’s Atmanirbhar Digital Bharat initiative, Paytm had rolled out the Paytm All-in-One QR, Paytm All-in-One Android POS, Soundbox, Paytm for Business app, which are being used by more than 17 million merchants in India. The company also says that their services and infrastructure for digital payments is available in 99 percent of pincodes in the country and more than 6 lakh villages in India have access to digital payments.