Paytm has announced that it has witnessed 600 percent growth in UPI transactions in last six months. The digital payment app says that it has over 80 percent share of all offline merchant transactions on UPI and registered over 179 million transactions in October 2018. It also claimed that 50 percent of all utility payments such as mobile recharge and payments, electricity and water bills and DTH recharges are being made using Paytm UPI.
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Witnessing 600% growth in UPI transactions in the last 6 months, One97 Communications Limited, that owns the brand Paytm, India’s largest digital payments company, today announced that it continues to be the largest contributor to UPI Payments in India, while being the leader in P2P and merchant let UPI transactions as well. The platform has registered over 179 Million UPI transactions in the month of October’18, and has the highest concentration of nation-wide UPI users on its platform.
Paytm has the most comprehensive list of payment use-cases on its platform. This has enabled customers to make payments using their preferred payment method including UPI, cards and Paytm wallet. BHIM UPI is fast becoming the preferred mode of payment among users. A vast majority of all payments on Paytm are made using Paytm BHIM UPI with mobile recharge & payments, electricity & water bills and DTH recharges, among other payment use-cases witnessing adoption rate as high as 50 percent.
In addition to online, the company is also actively engaged in enabling & promoting Paytm BHIM UPI for offline payments and over 6 million offline merchants out of its 9.5 million offline merchant-base accept Paytm UPI for various purchases. With this the company today has over 80% share of all offline merchant transactions being conducted on UPI.
Deepak Abbot, Sr. Vice President – Paytm said, “It is encouraging to see the widespread adoption of Paytm BHIM UPI for various services such as mobile recharges, electricity & water bills, metro commute and also at the offline stores. We appreciate BHIM UPI, for its contribution & facilitation of seamless digital payments in the country. We will continue investing our efforts towards increasing its adoption.