Paytm Clocks Up Over 1.2 Bn Merchant Transactions in Q1

Digital payments major Paytm on Monday said that it has processed over 1.2 billion merchant payments in this fiscal's first quarter, apart from P2P and money transfer transactions, enabling it to maintain its leading position in offline payments.

Accepted at 14 million retail outlets, Paytm, owned by One97 Communications Ltd, currently has 70 per cent share in the sector. It had announced that this year it will shift its focus from peer-to-peer (P2P) transactions to increasing the usage of digital payments at kirana stores, restaurants, commutes and other such daily spends.

Paytm said that it has also launched a major drive to make users aware of how to scan any QR code at outlets through their Paytm app for instant payments, and this augments the merchants' efforts for this purpose.

Stressing on Paytm's flexibility in the mode of digital payment, the company's senior Vice President Deepak Abbot said: "Our latest innovation has enabled more such users to scan any QR code using the Paytm app for instant payments. This has resulted in an increase in the overall transactions for merchant payments and further acceptance in smaller cities/towns."

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