One97 Communications Limited which owns Paytm; has announced that it is witnessing upwards of 100 Cr sessions monthly on its platform. This increase is a result of the rapid growth in the adoption of Money Transfers along with a significant rise in the uptake of digital payments across the country.
In August 2018, over 9.2 Crore Paytm users used its’ services for regular payments in both online and offline domain. The platform offers its customers all payment methods including cards, net banking, wallet and UPI for frequent payments. Paytm is the single largest platform in India for Money Transfers providing convenient means to pay house-rent, salaries, groceries, school/tuition fee and more. The company clocked over 29,000 Crore GMV in August 2018.
The Paytm QR has been successful in democratizing the access of digital payments for offline merchants, while simplifying payments for the users. The platform currently has over 8.5 million offline merchants and has been receiving over 30,000 requests from the merchants every day to enroll themselves. The platform has observed a growing trend among merchants who now prefer Paytm over cash or other payment methods.
Deepak Abbot, Sr. Vice President – Paytm said, “The month on month growth that we are witnessing showcases the value of the large ecosystem and network effect that Paytm has successfully built in the country. Our team has been aggressively engaged in introducing new use cases such as apartment maintenance payments, municipal payments, toll, insurance, donations among others to bring further convenience to the users. We have also witnessed huge traction for ‘Money Transfers’ where users are sending money to each other with their preferred payment modes. We are the largest Money Transfer Platform and will continue to build more and more convenient payment solutions.”