Paytm bags 970 Million Digital Transactions in India

Paytm Payments Bank has recorded 970 million digital transactions in March 2021 with growth described across its various domains, including Wallet, UPI, and internet banking, among others. The Noida-based company is opening an average of one million current and savings accounts per month.

78 percent of Paytm’s 325 million account holders use their service daily. Their Wallet facilities have sighted a growth of 15 percent transactions month-on-month.

Citing the NPCI data, Paytm states, “It has the lowest technical decline rate at 0.11 percent among all UPI remitter banks, which has enabled it to become one of the largest beneficiaries for UPI transactions. Google Pay, PhonePe, and BharatPe are other big players that lead the UPI transaction landscape in India.”

The pandemic has powered a huge evolution in digital payments in India, especially across tier-2 and tier-3 cities across the country. Worldwide and Global Data Payments permitted by UPI is more than doubled from April 2020 and helped India to achieve the tag of the world's largest real-time digital payments market, outperforming the USA and China. The report also noted that by 2025, over 70 percent of all payment volumes in India are expected to go digital, leaving cheques and cash at below 30 percent.