Mobile payments have become more popular than ever. With online wallets like Paytm emerging, the country has now adopted a variety of mobile payment methods including wallets, Cards as well as UPI. While Paytm was launched as just a prepaid and DTH recharge platform back in 2010, the company has added a plethora of features in its 10-year journey. Last year, Paytm recorded a whopping 26 billion transactions in India.
Paytm is being used nationwide and it has become the most comprehensive payments app. The company currently holds over 300 million wallets, 100 million UPI handles, 200 million saved debit/credit cards and 55 million bank accounts. This has not only encouraged more users to signup but has also invited millions of merchants across the country. Currently, the app owns the largest market share in merchant mobile payments.
Currently, Karnataka, Maharashtra and Delhi are the states with the highest merchant sign-up. This means these cities have the most merchants that accept Paytm and other mobile-based payment methods. While Karnataka became the largest contributor in 2019, the company claims that it was Bihar who showed the fastest growth in merchant transactions.
As mentioned above, there were a total of 26 billion transactions made in 2019. Out of those 26 billion transactions, 15 billion were made to the merchants. Paytm is also India’s largest payment network with over 16 million merchant partners onboard.
Paytm promises on focusing on driving financial inclusion and bringing half a billion Indians to the mainstream economy.
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