Paytm claims to cross 1.2 billion monthly digital payment transactions
Paytm, an Indian e-commerce payment system and financial technology company, has exceeded more than 1.2 billion monthly transactions in February across platforms, courtesy the massive growth in offline payments and financial services, India’s most-valued fintech startup said.
The company said that it witnessed 15% growth in month-on-month transactions, the highest market share in offline merchants.
'A large percentage of our users who started their digital journey with Paytm, have now adopted & embraced our financial services. 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,' Paytm vice-president Narendra Yadav said in a statement.
Paytm, which has over 150 million monthly active users has witnessed that the majority of its account holders embrace and adopt banking, lending, insurance, wealth, and other financial services on the platform.
Over 50 percent of merchant partners hold a bank account with Paytm Payments Bank.
'Paytm for Business app for over 17 million merchants who have embraced and endorsed its services,'
Paytm has been steadily adding transactions and gaining market share on UPI. Paytm Payments Bank was the third-largest player in terms of UPI transactions, clocking close to 332.6 million transactions in January.
In terms of demographics, Paytm said it empowers more than 600,000 villages with digital payments and has trained over 2 million merchants in these villages to help in the proliferation of online transactions
