UPI transactions on Paytm grow by a third, as its market share increases to 37pcTarush Bhalla
According to Paytm, 50 percent of total bill payments made on the platform are using UPI.
Indian digital payments behemoth Paytm on Friday said that it has seen a 30-percent jump in Unified Payments Interface (UPI) transactions on its platform, registering close to 179 million UPI transactions in the month of October. Last month, the firm had witnessed close to 137 million UPI transactions on its platform.
This jump in numbers also pushes Paytm’s market share in terms of UPI transactions to 37 percent from 34 percent in September.
On Thursday, the National Payments Corporation of India (NPCI), which is the umbrella organisation for retail payments in the country said that the total number of Unified Payments Interface (UPI) transactions in the country stood at 482.36 million in October. This is an 18.8-percent increase from September, when the total number of UPI transactions were at 405.87 million.
On the reason for this growth, Paytm stated that 50 percent of all utility payments such as mobile recharge and payments, electricity and water bills as well as DTH recharges were being made using Paytm UPI.
In addition to online, the company also said that over six million offline merchants out of its 9.5 million offline merchant base accept Paytm UPI for various purchases.
This makes for 80 percent of offline merchants on Paytm accepting UPI.
Speaking about this development, Deepak Abbot, Senior Vice President, Paytm said,
“It is encouraging to see the widespread adoption of Paytm BHIM UPI for various services such as mobile recharges, electricity and water bills, metro commute and also at the offline stores. We appreciate BHIM UPI for its contribution and facilitation of seamless digital payments in the country. We will continue investing our efforts towards increasing its adoption.”
The number of transactions in October indicates the slowest increase in transactions on the UPI network since August, standing at 19 percent. The month-on-month growth rate in UPI transactions has averaged around 30 percent since August.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.