Nov 5: Paytm, one of the leading digital payment companies, has claimed that it contributes the most to the volume of UPI payments in India. In the past six months, the company recorded a 600% growth in transactions. The Unified Payments Interface is an instant payment platform under the government. The UPI was developed by National Payments Corporation of India (NPCI).
According to reports, the NPCI data reveals that in the month of October, a total of 482.36 million UPI transactions were listed. Out of which Paytm claims that it has contributed over 179 million payments.
Deepak Abbot, the senior vice-president at Paytm, has been quoted as saying that the extensive use of Paytm BHIM UPI for various services such as mobile recharges, electricity and water bills, metro commute and also at the offline stores is a positive sign for the company. He lauded BHIM UPI for its influence on the digital payments in India. He also added that the company will work to increase the adoption of the platform.
In terms of the volume, Paytm also claims to lead the P2P and merchant-led UPI transactions. It also mentioned that the highest number of payments were made using Paytm BHIM UPI for mobile recharges, electricity and water bills and DTH recharges, among others witnessing an adoption rate as high as 50%.
The Noida- based company also promotes offline payments using Paytm BHIM UPI. For purchases, out of its 9.5 million offline merchant base, 6 million opt for Paytm BHIM UPI. In the offline merchant transactions held on UPI, the company claims to hold a share of 80%.
With the advent of UPI, the digital payment sector had taken a huge leap at it allows easy transactions. A per the statistics, there was a trivial drop in the September transactions of the government-owned BHIM. In September it registered a transaction of 16.5 million while in August it had a transaction of 16.5 million registered, said reports.
In order make safe the future among the rivals Google Pay, the Flipkart-backed PhonePe, and the upcoming WhatsApp Pay which is in the beta version, the Noida based company is set to establish itself in tier 2 and tier 3 segments.
Niti Aayog, the policy think tank of the government, in its report Digital Payments – Trends, Issues, and Opportunities stated that the Indian digital payment industry will grow to $1 trillion by 2023.