Paytm leads the charts with 1.2 billion monthly transactions

Paytm, India’s topmost financial services platform, crossed 1.2 billion monthly transactions and witnessed a huge spike in its offline payment and financial services with 332.69 million Unified Payments Interface (UPI) transactions and 553.45 billion National Electronic Funds Transfer (NEFT) credit and debit card transactions in January 2021, reported Business Standard.

“We have been promoting digital payment methods, giving multiple choices to consumers who have helped us in consolidating our leadership position. In fact, a large percentage of our users, who started their digital journey with Paytm, has now adopted and embraced our financial services,” Narendra Yadav, vice-president – Paytm, told the publication.

For offline payments, the app introduced several new products – Paytm All-in-one QR (quick response), Paytm All-in-one Android PoS, Soundbox and Paytm for Business Application. The app has a huge merchant base – over 17 million as of now, who use these products.

Paytm has over 150 million users with 50% of them holding an account in Paytm Payments Bank.

Paytm Money, the discount brokering unit, also saw an upswing in investment products like mutual funds, stocks, IPOs and digital gold. The micro-edit arm of the firm, Paytm Postpaid, boasts of 7 million+ users within 6 months of launch, the firm said in an official statement.

Paytm has played a major role in the digitalization of financial services in India. It has brought people from small cities and towns into the digital landscape in the past few years which has resulted in the app’s growing success.