India’s leading digital payments startup Paytm has announced that more than 5 million offline out of a merchant base of nine million, have adopted Unified Payments Interface (UPI) for digital transactions.
According to the startup, more than 40% of its overall UPI transaction were attributed to offline merchants.
Last month, NPCI launched UPI 2.0, which included new features like overdraft facility, one-time mandate, invoice in the inbox, and signed intent and QR.
Deepak Abbot, senior vice president at Paytm, said, “We are leading the Paytm BHIM UPI adoption at offline stores ranging from local street vendors to organised, large format retail stores. It is a big milestone for us where 40% of all UPI transactions on Paytm are now merchant transactions. We want to take UPI adoption to the grassroots of India by educating and introducing more consumers and merchants to the convenience of payments directly from their bank account.”
The UPI transactions for Paytm is led by Bengaluru, holding the largest share of its overall transactions, followed by Hyderabad, Delhi, Pune, and Mumbai, respectively.
Earlier this month, it was reported that UPI transactions crossed the milestone of 300 million transactions in the month of August, growing at 32% over the previous month.
Digital payments have seen a growth in India, as more Indian users with access to the internet have started to go digital, owing to the efforts and support by the government through various initiatives.
Other players in the digital payments space in India like Flipkart owned PhonePe, Google Pay, and Paytm, among others have further helped the users go digital.