Paytm leads India’s digital payments with 1.2 billion monthly transactions, registers highest growth in offline payments & financial services
Paytm leads India’s digital payments with 1.2 billion monthly transactions,
registers highest growth in offline payments & financial services
- Maintains the highest market share in offline merchant payments with 15% M-o-M growth recording the most number of transactions among all digital payments platform
- Over 50% of merchant partners hold a bank account with Paytm Payments Bank
- Registers a steady rise in payment users opting for financial services on the platform
- Consolidates its leadership position as the largest digital enabler promoting all payment methods
Mumbai, 1st March 2021: 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.
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