Paytm leads India’s digital payments with 1.2 billion monthly transactions
Hyderabad/New Delhi: India's leading digital financial services platform Paytm today announced that it has achieved over 1.2 billion monthly transactions led by the massive growth in offline payments and financial services. With this achievement, the platform has consolidated its leadership position as the largest digital enabler promoting all payment methods including Wallet, UPI, cards and net-banking.
Paytm, which is on a mission to empower businesses with digital payments & reconciliation services continues to lead with the highest market share in offline merchant payments with 15% M-o-M growth. The company is innovating & refining its products including Paytm All-in-One QR, Paytm All-in-One Android POS, Soundbox, Paytm for Business app for over 17 million merchants who have embraced and endorsed its services. The company has created robust technology infrastructure across 99 percent pin-codes with reach spreading across the farthest corners of the country. It has been the main driving force behind building and expanding digital villages and now empowers over 6 lakh villages in India with digital payments. It has trained over 20 lakh merchants in these villages helping in the proliferation of online transactions. Through these initiatives, the company continues to be one of the key contributors of Atmanirbhar Digital Bharat.
Aiming to empower users with financial services, the company has ventured into several new avenues such as Paytm Payments Bank, Paytm Money for democratizing wealth creation, Paytm Insurance, Paytm Postpaid, Paytm Credit Cards and other lending products to help millions of merchants, self-employed individuals, as well as citizens at large. The company has successfully led the digital journey of millions of Indians and guided them through the process of making online transactions to availing all banking financial services on the app. Over 50% of merchant partners hold an account Paytm Payments Bank and benefit from its new-age digital banking services. Similarly, Paytm Money has become the leading driver of wealth creation in the country with over 50 percent of its users being 'new to wealth management services’. They are availing investment products including mutual funds, stocks, IPO, F&O, ETF & digital gold on the platform. Another popular service is Paytm Postpaid, which provides micro-credit and has already achieved over 7 million users within 6 months of launch.
Most importantly, Paytm’s initiatives for offline businesses have helped in building trust in digital payments among the masses and have made it the most important payment service in smaller cities & towns including Panipat, Kanpur, Nashik, Madurai, Baroda, Mysore among others.
Narendra Yadav, Vice President - Paytm said, "We are humbled by the trust India has shown in us & made Paytm their preferred digital payments & financial service provider. 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. Street hawkers, small shopkeepers have been adopting our Soundbox that has helped in building trust over digital payments as now they get confirmation on every payment they get."
Paytm, which has over 150 million monthly active users has witnessed that the majority of its account holders embrace & adopt banking, lending, insurance, wealth & other financial services on the platform. Its digital financial services have made deep inroads into the grassroots of the country and have been adopted by millions of Indians in small-town & rural India.