Fri. Mar 29th, 2024
Paytm

Indian digital payments giant Paytm has earmarked ₹200 crores for the promotion of UPI (Unified Payments Interface) based transactions during the festive season.

Deepak Abbot, Senior Vice President, Paytm, sad, “We are expecting to see two times growth in Paytm UPI money transfers during this festive season.”

Earlier this month, it was reported that UPI transaction for the month of September crossed the mark of 400 million, growing at 30%. It is to be noted that Paytm claimed more than 33% of the overall transactions, registering more than 137 million UPI transactions for the month of September.

Compared to the previous months 312 million UPI transactions, September’s 405 million transactions, is worth noting as it comes after the NPCI stopped the transactions with debit and credit to the same bank account from 1st August.

In terms of volume, the UPI transactions were valued at ₹54,212 crores in August, while it was valued at ₹59,835 for September, registering a steady growth.

With the festive season, Paytm is looking to further boost its UPI numbers, owing to marketing initiatives and cashback offers. It is also looking to promote UPI as a mode for instant funds transfer as well.

Last month, Paytm had announced that more than 5 million offline Paytm merchants have started accepting UPI payments, driving more than 40% of overall UPI transactions.

By Varun

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