One97 Communications Limited, which owns digital payments company Paytm has announced that it is witnessing upwards of 100 Cr sessions on its platform every month. This, the company claims, is a result of growth in the adoption of Money Transfers along with a significant rise in the uptake of digital payments across the country.
According to a statement from the company, over 9.2 Crore Paytm users used its’ services for regular payments in both online and offline domain in August 2018. It claims that Paytm is the single largest platform in India for Money Transfers providing convenient means to pay house-rent, salaries, groceries, school/tuition fee and more. The company clocked over 29,000 Crore GMV in August 2018.
Paytm offers all payment methods including cards, net banking, wallet and UPI for frequent payments.
Its QR code offering too, it says, has been a success. Paytm offers its offline merchants QR codes to simplify payments. The platform currently has over 8.5 million offline merchants and has been receiving over 30,000 requests from the merchants every day to enroll themselves, showing a growing trend among merchants preferring digital payment options such as Paytm over cash.
“The month on month growth that we are witnessing showcases the value of the large ecosystem and network effect that Paytm has successfully built in the country. Our team has been aggressively engaged in introducing new use cases such as apartment maintenance payments, municipal payments, toll, insurance, donations among others to bring further convenience to the users. We have also witnessed huge traction for ‘Money Transfers’ where users are sending money to each other with their preferred payment modes. We are the largest Money Transfer Platform and will continue to build more and more convenient payment solutions,” Deepak Abbot, senior Vice President of Paytm said in a statement.
Paytm, which was the first digital payments player in the country has grown to become the largest in the country with global investors such as SoftBank, Alibaba picking up a stake in the company. Most recently, Warren Buffett’s Berkshire Hathaway also agreed to pick up a small stake in Paytm. This will be the company's first direct investment in India.