Digital financial services platform Paytm has achieved over 1.2 billion monthly transactions led by the massive growth in offline payments and financial services.
The platform has consolidated its leadership position as the largest digital enabler promoting all payment methods including Wallet, UPI, cards and net-banking, Paytm said in a release.
Paytm continues to lead with the highest market share in offline merchant payments with 15% M-o-M growth. The company is innovating and 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% 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.
The company has ventured into several new avenues such as Paytm Payments Bank, Paytm Money for democratising 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% 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.
Paytm Vice President Narendra Yadav said, “We have been promoting all digital payment methods giving multiple-choices to consumers that have helped us in consolidating our leadership position.”
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.