Paytm Recap says fintech firm helps users avoid 1.6 billion trips to ATMs, Delhi-NCR is digital payments capital of India
One97 Communications (OCL), which owns Paytm, on Wednesday announced the release of the Paytm 2022 Recap, highlighting the interesting trends of transactions made through Paytm over the past year. Paytm UPI is one of the most preferred payment methods for Indians, with its super fast and secure payments. Users can also check their individual payment journey with Paytm in 2022 through paytm.com/recap, the leading payments and finance company said.
The company’s report showed that Delhi National Capital Region emerged as India’s digital payments capital, while Tamil Nadu’s Katpadi is the fastest growing city for digital payments with 7X growth by 2022. Chennai and Trichy in Tamil Nadu have the highest percentage of offline payments on food and beverages while Amritsar saw the highest spending on health and care through Paytm. Noida and Nagpur saw the highest percentage of spending via Paytm on micro-vendors or street vendors. Paytm’s market in the Northeast also saw tremendous growth. The fastest growing cities in the Northeast for United Payments Interface (UPI) transactions are – Lohit in Arunachal Pradesh, South Sikkim and Ranipool, and Assam’s Guwahati, Dibrugarh, Jorhat and Kamrup.
The company said one user had made transactions in 106 cities in 20 states. Another user booked flights between Mumbai and Delhi 358 times using the Paytm app. An exciting observation is that the maximum number of payments is made at 19.23, and Wednesday appears to be the busiest day of the week for digital transactions. Two of the most common names among Paytm’s users are Rahul and Pooja. The company helped users avoid 1,618,796,629 trips to ATMs. The company said it was taking digital payments far and wide, driving financial inclusion with two out of three of its new users coming from smaller cities and towns.
Paytm continues to strengthen its leadership in offline payments with more than 5.5 million merchants now paying subscriptions for payment devices, the fintech firm said, adding that Paytm Soundbox is the sound of commerce transactions in India, with a new merchant and their customers who is greeted by the melody every six seconds. With Paytm UPI, the company enables seamless and super-fast money transfers. One user referred more than 1,300 of his friends and family to Paytm last year and earned over Rs 1 lakh.
Engaging observations have been seen in merchant transactions with Rs 20 being the most common amount paid on Paytm Merchant Quick Responses (QRs). Varanasi has seen 213 percent growth in offline QR transactions, Paytm said. Festivals have also been swept by the digital payment wave. During the online Diwali sales season, the highest amount spent by a single user was Rs 2.8 lakh. Another festival that saw a high volume of Paytm UPI transactions is Rakhi, with Rs 1,100 being the favorite ‘shagan’.
A Paytm spokesperson said, “As the pioneer of QR and mobile-based payments in India, we continue to see widespread love for the most trusted payment app – Paytm. Over the past year, we have seen greater adoption among consumers and merchants, leading to some interesting trends with Paytm UPI leading the way. With the trust our users have placed in us, we remain focused on driving financial inclusion in India.” (ANI)
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
