Paytm UPI Growth 600% In 6th Month
digital bills corporation Paytm Friday said it has recorded a growth of 600% inside the Unified bills Interface (UPI) transactions in the remaining six months, claiming it turned into the largest contributor to the extent of UPI bills in India. within the month of October, Paytm, that’s which One97 Communications Ltd, registered over 179 million UPI transactions, grabbing an typical 37% transaction share in throughout the month.
“it’s miles encouraging to look the large adoption of Paytm BHIM UPI for numerous services inclusive of cellular recharges, energy and water bills, metro travel and additionally on the offline shops. We appreciate BHIM UPI, for its contribution and facilitation of seamless virtual bills in the united states. we can preserve making an investment our efforts in the direction of increasing its adoption,” Deepak Abbot, senior vice-president, Paytm stated inside the announcement.
According to data by the National Payments Corporation of India (NPCI), which developed the instant payments platform ‘Unified Payments Interface’, a total of 482.36 million UPI transactions worth Rs 74,978.27 were registered in October, an increase of 18.8% from September, when the total number of UPI transactions were reported at 405.87 million.
The Chinese e-commerce giant Alibaba-backed Paytm had recorded more than 137 million UPI transactions in the month of September, with about 33% of the overall market share.
According to Paytm, in the last six months, the major portion of the payments via its platform was done with Paytm BHI UPI for electricity bills, water bill, mobile recharges, DTH recharges, among others. According to the company, about 50 % of all utility payments are being done through Paytm UPI.