Digital payments platform Paytm has said that it is the most comprehensive payment app with over 300 million wallets, 100 million UPI handles, 200 million saved cards and 55 million bank accounts. In its report titles, ‘Paytm & The State of Payments in India’, the platform said that with 5 billion out of the total 9 billion total transactions, its wallet, Credit Card, Debit Card and UPI services, it owns the largest market share in the merchant mobile payments.
Paytm also says that it has been witnessing growth across all regions with Karnataka, Maharashtra and Delhi being the highest merchant sign-up. It also mentions that Bihar, West Bengal and Assam witnessed the fastest growth in merchant transactions. According to the data obtained from RBI, NPCI and Paytm, it is estimated that a total of 26 billion transactions were done in 2019.
‘We at Paytm, bring to you how this ecosystem stands today, is fast evolving and also the significant role we play in bringing Payments to the mainstream economy — be it millions of consumers or millions of merchants. We will continue to focus on driving financial inclusion and bringing half a billion Indians to the mainstream economy,’ the company said in a post.
When it comes to key trends in different cities and towns, restaurants and dairy categories have the largest transactions in Delhi, Chennai is the fastest growing city for grocery payments, and Ahmedabad witnessed fastest growth in payments at restaurants. In Kolkata, petrol pumps and transport merchants are the most active lot, and Tier 2 & Tier 3 cities like Varanasi and Udaipur are witnessing fastest growth in transactions.
