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Paytm achieves over 1.4 bn transactions in Mar, leads digital payment services
Paytm recorded around 1,275 million digital transactions through its payment gateway which is 30-50% higher than leading competitors, Narendra Yadav said
Paytm, India's leading digital financial services platform, on Thursday said it has achieved over 1.4 billion monthly transactions in March, led by the massive growth in offline payments and financial services.
Paytm vice-president Narendra Yadav said the company recorded around 1,275 million digital transactions through its payment gateway which is 30-50% higher than leading competitors.
Paytm is 30-50% larger than its competition. Dominates digital payments with over 1.2 billion monthly transactions led by growth in merchant payments, news agency PTI reported.
Out of 3,584.13 million digital financial transactions carried out in February according to the data released by NPCI, Paytm claims to have carried out 1,275 million transactions.
Yadav said, "Paytm is the only company that provides the widest range of options to both merchants and customers which has helped us to achieve over 1.4 billion monthly transactions. Consumers can pay from Paytm wallet, UPI, Paytm postpaid, credit or debit cards, and bank accounts. Similarly, merchants can accept payments into their wallet or in any bank account. Paytm has the widest network of merchants in the country with over 20 million merchants partners. We want to serve all spectrum of merchants, from street vendors to large retailers as we continue our efforts to enable them with IoT-based digital payments services. "
Yadav further said the company now focuses on merchant payments which account for 70% digital transactions on its platform as well as help it in monetising other products and services.
"We incentivise merchant payments rather than peer to peer transactions. It is easy to create revenue models around merchant payments. We took a call in 2018 that we will focus on merchant payments rather than incentivising peer-to-peer transfers and the decision has helped us in growing our revenue," Yadav added.
Paytm said the company aims to equip 5 million businesses with Paytm Soundbox 2.0, Paytm All-in-One EDC devices as well as its newly launched innovative Paytm Smart POS for Android phones that transforms a smartphone into a device that accepts debit and credit card payments just like a normal card swiping machine.
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First Published:1 Apr 2021, 05:04 PM IST
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