Paytm leads in UPI Payments with Over 33% mkt share

Paytm, India’s largest payments company owned by One97 Communications, on Monday became the leading contributor to UPI Payment with over 33% of the overall transactions.

In a press release, the company said Paytm registered over 137 million UPI transactions in September 2018. "Paytm is enabling and promoting BHIM UPI for offline payments and over 5 million offline merchants out of its 9.5 million merchant-base now accept Paytm UPI," states the company.

Commenting on the development, Paytm Senior Vice President Deepak Abbot said India is embracing digital payments for their everyday use.

"Paytm has built an ecosystem where users can make payments for various services such as mobile recharges, electricity and water bills, metro commute and also at the offline stores. It is encouraging to see the widespread adoption of Paytm BHIM UPI as it is fast becoming a preferred payment method for millions of users making us the leader in UPI payments," he said.

Abbot also said Paytm will continue to invest to introduce more consumers and merchants to the convenience of Paytm UPI for online and offline use cases.

Paytm offers the most comprehensive payment use-cases as well as modes of payment on its app. This has enabled customers to make payments using their preferred method including UPI, cards and wallet.

More than 20% of all payments on Paytm are made using BHIM UPI with mobile recharge and payments, electricity and water bills and DTH recharges, among other payment use-cases witnessing the highest adoption rate.