Paytm UPI Positions Itself As India’s Leading Payments Solution, Earmarking Rs 200 Crore!

Must Read

Apple iPhone 12: Not For India And You Must Not Fall Prey To Apple’s Marketing Machine

The cat is out from the bag, finally! Apple iPhone 12 has launched in the most sophisticated...

Micromax is Back, Sets Eyes On Xiaomi’s Crown

A fallen pioneer, banished from its own motherland by collective foreign forces, has finally roused itself up!

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming...

Digital Payment systems in India have evolved from being mere wallet companies to full-stack payment providers and what a dramatic evolution it has been!

In consonance with recent reports by ET, Paytm, noteworthy digital payment player is planning to invest a whopping amount of Rs. 200 crore in order to bolster the handling and habitude of Unified Payments Interface (UPI) based transactions this festive season.

The company’s UPI Payments stand tall by owing over 33% market share and aims to keep up with the pace in order to make digital payment major, Paytm the most prefered payment solution. Not to forget, the company has gone out of its way in promoting the usage of BHIM UPI for payments made offline. Due to this initiative, more than 5 million offline merchants out of 9 million merchants now accept UPI based payments, says Paytm.

Advertisements

National Payments Corporation of India (NPCI) provides instant payment system, dubbed as UPI (Unified Payments Interface), which records a total of 405.87 million transactions in the month of September. From this subsuming amount, BHIM UPI registered 16.33 Million transactions which amount to Rs. 7,064.86 Crore in September, compared to 16.5 Million transactions worth Rs. 6,872.57 Crore in August.

UPI’s Staggering Growth, Dubbed by NPCL!

NPCI in July 2018 launched an upgraded version to it, which had bells and whistles such as generation of collect payment requests attached with invoice/ bill attachment, a block functionality enabled mandate, signed quick response codes along with many others.

Paytm claimed that it registered 137 million UPI transactions alone in the month of September 2018, making it the claimant of 33% market share in UPI Payments. Additionally, it stated that about 20 per cent of all payments on Paytm is done by using BHIM UPI.

What Drives Paytm’s Growth?

“The festive season is a valuable opportunity for us to introduce more and more users to the convenience of Paytm UPI for their online and offline purchases. We have always strived towards simplifying payments through our digital solutions and now we aim for Paytm UPI to lead in both online as well as offline purchases.” – Deepak Abbot

According to Deepak Abbot who happens to be the Senior Vice President of Paytm, India is slowly growing into the mould of digital payments and given the fact that Paytm has a user-friendly ecosystem with various services such as mobile recharges, electricity and water bills, metro commute, it can slowly be much of an ideal match for the changing consumer dynamics.

Again, there’s the ease of having Onboarding Merchants over Paytm, who don’t even have a bank account. One may receive money into their PayTm Wallets. They won’t be needing their bank account, unless and until they don’t find the need to cash out their Paytm money. Who would want to bargain with such ease?

Advertisements

Additionally, Paytm is also funded really nice and thus, can spend more on an advertisement, pulling in more attention and that’s even less of a worry with money involved.

The Lucrative Indian Payment Stagecraft!

In the year of 2017-18, the digital payments grew 44.6% YoY, which was much higher or could say nearly double than the CAGR growth rate for the period 2011-2016, according to Niti Aayog report.

Interestingly, the total digital payment market in India is estimated to grow to $1 trillion by 2023, mobile payments will drive growth.

As per another report by Boston Consulting Group, the Indian payment industry will be worth $500 billion by 2020 and that amounts to a staggering 15 per cent slice of the total GDP sector of the country!

Now given those stats, the digital payment war with players like Paytm wallet or Tez is all geared up and it is somehow, perceivable. That being said, 80 per cent of India’s urban spectrum will resort to digital payments and the payment majors need to buck up to sustain the changing dynamics of consumer behaviour!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Free Netflix in India: A Result of Slow Growth In Q3 2020?

Netflix is testing a new strategy that could lead to free Netflix in India. The online streaming...

Tesla First Cancels Return Policy And Now Cuts Warranty Period

Just last week Elon Musk surprised everyone by cutting the price of Tesla Model S twice in a week. If that's not...

Personalization Is The Secret Sauce Behind A Successful E-Commerce Business

E-commerce personalization offers an exclusive experience to consumers by showing them product recommendations, content catered to their interests, and offers based on...

Reliance Jio Set To Blitz The 5G Smartphone Market With Jaw-Dropping Price

Cometh the revolution, cometh Reliance. This time the price of 5G smartphones under the radar of Reliance. The trailblazer’s...

Micromax is Back, Sets Eyes On Xiaomi’s Crown

A fallen pioneer, banished from its own motherland by collective foreign forces, has finally roused itself up! Micromax has...

The Future of The Workplace And Retraining in 2020 And Beyond

The pandemic has upturned businesses, lives, and even the outlook of our future. It has caused millions to lose their jobs, and...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This