Paytm Friday, a digital payment company, reported a 600% growth in transactions at the Unified Payment Interface (UPI) in the last six months, claiming it was the biggest contributor to the UPI volume of payments. India. In the month of October, Paytm (One97 Communications Ltd), which has recorded more than 179 million UPI transactions, recorded a 37% overall transaction share during the month.
"It is encouraging to see the widespread adoption of Paytm BHIM UPI for various services such as mobile recharges, electricity and water bills, subway trips and offline stores. We appreciate BHIM UPI for its contribution and facilitation of transparent digital payments in the country. We will continue our efforts to increase adoption, "Deepak Abbot, Paytm's Executive Vice President, said in a statement.
According to data from the National Payments Corporation of India (NPCI), which developed the instant payment platform "Unified Payments Interface", 482.36 million UPI transactions totaling Rs 74,978.27 were recorded in October, an increase of 18.8% over September the total number of UPI transactions was reported at 405.87 million.
Paytm, the Chinese e-commerce giant, backed by Alibaba, had more than 137 million IPU transactions in September, accounting for about 33 percent of the total market share.
According to Paytm, in the last six months, the bulk of payments via its platform has been made with Paytm BHI UPI for electricity bills, water bill, mobile refills, refills DTH, among others. According to the company, about 50% of all utility payments are made via Paytm UPI.