Indian digital payments giant Paytm registered 179 million UPI transactions, through its platform in October, rising from 137 million transactions in September, marking a 30% growth.
The UPI data released by National Payments Corporation of India (NPCI), the umbrella organisation for retail payments in the country, showed the total number of UPI transactions to be 482.36 million in October.
With 137 million transactions, Paytm capture 37% of the market share in October, up from 34% in the month of September.
Paytm has been aggressively enabling users to adopt UPI, through various offers and cashbacks, its efforts are bearing fruits, as the UPI adoption on its platform continues to grow, making it a market leader.
Paytm claims that 50% of all utility payments such as mobile recharge and payments, electricity and water bills as well as DTH recharges were being made using Paytm UPI.
Speaking on the rapid UPI adoption, Deepak Abbot, Senior Vice President, Paytm said, “It is encouraging to see the widespread adoption of Paytm BHIM UPI for various services such as mobile recharges, electricity and water bills, metro commute and also at the offline stores,”
He added, “We appreciate BHIM UPI for its contribution and facilitation of seamless digital payments in the country. We will continue investing our efforts towards increasing its adoption.”
Paytm continues to strengthen its presence across the growing internet users in tier 2 and tier 3 cities, keeping the future growth in mind, as internet penetration increases.
In September 2018, it was reported that more than 5 million offline Paytm merchants started accepting UPI payments, driving 40% of all UPI transactions.
Other players competing with Paytm, in the digital domain, include Google Pay and Flipkart-owned PhonePe.
In August 2018, it was reported that PhonePe claimed 40% market share in UPI transactions, during the month of July.