Paytm announced that it is the largest contributor to the overall volume of UPI transactions in 28 days of February 2018. This is within two months after the full rollout in Jan’18; further reaffirming Paytm’s position as the most preferred mobile payment and money transfer platform in the country. The platform supports all payments instrument and has driven the overall growth in BHIM UPI transactions over the past month.
The company has registered 68 Mn UPI transactions in Feb 2018. It has consistently contributed a larger share of UPI transactions with every passing month. In Dec’17, Paytm contributed 33 million to the overall transaction volume for UPI, which rose to 51 million in Jan’18 and 68 million in Feb’ 18.
This rapid growth is on the back of its vast user-base, wide acceptability and the network effect of multiple use-cases. Paytm UPI IDs are also accepted across all banks and BHIM UPI apps, making Paytm one of the most comprehensive payments systems in the country.
Deepak Abbot, Sr. Vice President – Paytm said, “We are happy to contribute the largest share of UPI transactions within three months of launch. Paytm is the largest mobile payments ecosystem in the country, and we are seeing exponential growth. Paytm UPI is a part of our efforts to make money transfers simpler, and bring convenient mobile payments to new and existing consumers across India.”
The mobile payment platform is at the forefront of mobile payments innovation in India. It is accepted at over 6 Mn small stores as well as large retail chains across the country, and the company is committed to building the best payments infrastructure for its customers and merchant partners alike. The customers can pay at merchant outlets using their preferred payment methods such as Paytm, UPI, Cards and Net-Banking.
This is a part of the company’s efforts to democratize mobile payments for both merchants and consumers by offering them more choices and convenience. The company has also been consistently investing in expanding its payments network and aims to bring every small and large merchant access to the power of convenient mobile payments.