Registering 970 Mn Deals, Paytm Turns Largest Digital Transaction Enabler in India

Digital payment platform, Paytm’s payment banks has registered about 970 million digital transactions as of March 2021, with growth reported across its various domains that include Wallet, UPI and internet banking amongst others. Presently, the Noida-based firm is opening an average of one million current and savings accounts per month.  

However, out of 325 million Paytm’s account users about 78 percent use their services on daily basis. Thus, the Wallet services are witnessing a growth of 15 percent transactions month-on-month. According to NPCI data, Paytm has revealed that it has the lowest technical decline rate at 0.11 percent among all UPI remitter banks, which has enabled it to evolve as one of the largest beneficiaries of UPI transactions. Alongside, PhonePe, BhartPe and Google Pay are the other big players that lead the UPI transaction landscape in India.

Furthermore, the pandemic has triggered a massive growth in digital payments in India, especially across tier-2 and tier-3 cities throughout the country. As per a report by ACI Worldwide, Global Data Payments enabled by UPI more than doubled from April 2020 and aided India to obtain the tag of the world's largest real-time digital payments market, outperforming the USA and China. In addition, the report has also hinted that by 2025, more than 70 percent of all payment volumes in India are expected to go digital, sparing cash and cheques at below 30 percent. 

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